Korea’s industry minister has rejected claims that the United States will seize 90 percent of the profits from Seoul’s planned $350 billion investment fund under the recent tariff deal. Minister Kim Jung-kwan clarified in a radio interview that such assertions “do not make sense,” stressing that negotiations are ongoing to determine the fund’s structure and management. The investment fund, pledged as part of a landmark trade agreement with Washington, will support U.S. shipbuilding, semiconductors, batteries, and other strategic industries. In exchange, the Trump administration agreed to reduce tariffs on Korean imports from 25 percent to 15 percent. U.S. Commerce Secretary Howard Lutnick had previously claimed that most of the returns from the Korean fund would go to the American people. Minister Kim countered that while the fund will include loans and guarantees, its detailed governance has yet to be finalized. A key element of the deal is Korea’s proposal for the “Make American Shipbuilding Great Again” (MASGA) project, which includes modernizing U.S. shipyards, strengthening maintenance and overhaul operations for naval vessels, and providing training to address America’s shortage of skilled shipbuilders. “What the U.S. is struggling the most with is the lack of skilled workers capable of building ships … and we have offered to provide technology training for American workers,” Kim explained. On automotive trade, Korea failed to secure further tariff reductions but avoided what Kim called the “worst-case scenario.” Seoul had sought a 12.5 percent tariff on Korean vehicles, aiming to preserve its historical 2.5 percentage-point advantage over Japan. However, both Korea and Japan now face a uniform 15 percent tariff on auto exports to the U.S. Despite criticism that the KORUS FTA has been weakened, Kim insisted Korea still benefits. He cited the example of instant noodles (“ramyeon”), where Japan faces tariffs of 21.4 percent, while Korea is limited to 15 percent due to the FTA framework. Kim also noted that President Trump had shown goodwill toward Seoul by welcoming the Korean trade delegation to the White House, sharing handshakes and even hugs. The industry ministry added that the U.S. investment will create new business opportunities for Korean firms while reinforcing supply chain cooperation. It also confirmed Korea’s commitment to align sanitary and phytosanitary standards for agricultural imports and to accept U.S. automotive safety standards as part of the agreement. (ICE SEOUL)

Fonte notizia: The Korea Times