On the morning of July 31, Gyeonggi Province Governor Kim Dongyeon participated in volunteer activities at a flood-damaged site in Gapyeong County. In the afternoon, he will hold a meeting to discuss countermeasures related to the recently concluded Korea-US tariff negotiations.
The Gyeonggi Provincial Government announced that Governor Kim Dongyeon will convene a special support measures meeting in response to the Korea-US tariff agreement at 3:00 p.m. on the 5th floor of Seohui Hall at the main government building.
Previously, on July 30 (local time), Korea and the United States reached an agreement during the Korea-US tariff negotiations held in the United States to lower the existing mutual tariff rate from 25% to 15%. As a result of this agreement, the planned tariff increase to 25% by the United States, which was scheduled to take effect on August 1, has been withdrawn. Both countries have now aligned their tariff burdens to the same level as Japan.
Under the terms of this tariff agreement, Korea will invest 200 billion dollars in the United States in sectors such as secondary batteries, semiconductors, bio, and nuclear power. Additionally, there will be a further investment of 150 billion dollars in the shipbuilding industry.
Furthermore, Korea will import up to 100 billion dollars' worth of US liquefied natural gas (LNG) and energy. Until now, Korea had been importing LNG from three countries: Qatar, Australia, and Malaysia. Korea's LNG import volume ranks third in the world, following China and Japan.
However, the anticipated further opening of the agricultural and livestock markets was prevented. In particular, the markets for major items such as rice and beef, which the United States strongly demanded to be opened further, will not be opened additionally. It is reported that the United States acknowledged the fact that 99.7% of Korea's agricultural sector is already open.
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