Korea secures equal terms in US tariff deal on semiconductors, pharma
The tariff deal between Korea and the United States will not place the semiconductor and pharmaceutical industries at a disadvantage compared to other countries, Korean and U.S. officials said Thursday. The confirmation came after Seoul and Washington finalized an agreement to reduce the 25 percent “reciprocal” tariff to 15 percent, including on one of Korea’s key exports — automobiles. “Future tariffs anticipated for semiconductors and pharmaceuticals will be set in a way that ensures Korea is not treated unfavorably compared to other countries,” Kim Yong-beom, presidential chief of staff for policy, said during a briefing at the presidential office in Seoul. He said it has been clearly specified that Korea will receive most-favored-nation treatment in regards to possible item-specific tariffs on semiconductor or pharmaceutical products. This status means Korea must nominally receive equal trade advantages as the U.S.’ “most favored nation” in these sectors. Kim emphasized that one notable aspect of the deal is the expansion of the two countries’ cooperation in the s
