President Lee Delivers Budget Policy Speech at National Assembly on November 4
"Tariffs Secured at Levels Equal to Competitors in Automotive and Semiconductor Sectors"
President Lee Jae-myung stated on November 4 that the conclusion of tariff negotiations with the United States during the Asia-Pacific Economic Cooperation (APEC) week in Gyeongju "helped alleviate uncertainties in our economy." President Lee added that he "put in his utmost effort, pouring his heart and soul" to achieve results at APEC.
President Lee made these remarks during his '2026 Budget Proposal Policy Speech' at the National Assembly on this day.
President Lee Jae-myung visited the National Assembly on the morning of the 4th to deliver the 2026 budget proposal and fund operation plan in the presidential policy speech, greeting Woo Won-shik, Speaker of the National Assembly. 2025.11.04 Photo by Kim Hyun-min
He explained, "By concluding tariff negotiations with the United States through the Korea-U.S. summit held during APEC week, we have reduced uncertainties in our economy," adding, "By securing tariff levels for automobiles and semiconductors that are on par with those of competing countries, we have established a foundation to compete on a level playing field."
He further stated, "The investment package for the United States includes an annual investment cap, which has minimized the impact on the foreign exchange market that many were concerned about. In addition, by securing multilayered safeguards in the selection and operation of investment projects, we have improved the prospects for recovering invested capital."
Regarding the security negotiations with the United States that took place alongside the tariff negotiations, President Lee said, "Progress in consultations on supplying nuclear fuel for nuclear-powered submarines has further strengthened the foundation for our self-reliant national defense," and analyzed, "By creating a breakthrough for uranium enrichment and spent nuclear fuel reprocessing, we have been able to enhance our future energy security."
On the Korea-China summit, President Lee said, "We have agreed to fully restore Korea-China relations and for both countries to move forward together once again as strategic cooperative partners in a practical and mutually beneficial manner." He added, "Most importantly, with a shared understanding that people's livelihoods are the top priority, the two countries signed a currency swap agreement worth 70 trillion won between their central banks and concluded six memoranda of understanding (MOUs), including measures to counter transnational scam crimes."
President Lee emphasized, "I want to stress that we have given our all, pouring our hearts and souls into achieving the best possible results even in the worst situations," and added, "Going forward, the government will continue to strengthen the nation’s power and elevate Korea’s standing based on pragmatic diplomacy centered on the national interest."
Meanwhile, at last week's APEC summit, an agreement was reached for the first time to jointly address issues such as artificial intelligence, low birth rates, and an aging population, and the Gyeongju Declaration was adopted, which designates the cultural and creative industries as a new growth engine.
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