Joint Reality Sheet on President Donald J. Trump’s Assembly with President Lee Jae Myung – The White Home

President Lee Jae Myung of the Republic of Korea (ROK) welcomed President Donald J. Trump of the United States of America (United States or U.S.) for a State Visit to ROK on October 29. This marks the primary time in Korean historical past {that a} State Visit has been hosted in Gyeongju and follows on the 2 leaders’ first assembly in Washington on August 25. Notably, it is usually the primary time that the ROK has welcomed the identical chief for a second state go to.

In mild of President Trump’s historic 2024 victory and President Lee’s election demonstrating the ROK’s democratic power and resilience, they declared a brand new chapter within the U.S.-ROK Alliance, the linchpin for peace, safety and prosperity on the Korean Peninsula and within the Indo-Pacific area. 

REBUILDING AND EXPANDING CRITICAL INDUSTRIES:  President Trump and President Lee reaffirmed the historic announcement in July of The Korea Strategic Trade and Investment deal, which displays the power and endurance of the U.S.-ROK Alliance. 

• Both leaders welcome Korean investments in varied sectors to advance financial and nationwide safety pursuits, together with however not restricted to shipbuilding, power, semiconductors, prescription drugs, essential minerals, and synthetic intelligence/quantum computing.
• This deal contains $150 billion of Korean funding within the shipbuilding sector accredited by the United States, which is known as the Approved Investments.
• This deal additionally contains $200 billion of further Korean funding dedicated pursuant to the Memorandum of Understanding with respect to Strategic Investments (MOU), which is anticipated to be signed by representatives of the United States and ROK.
• The United States will apply the upper of both the U.S.-Korea Free Trade Agreement (“KORUS FTA”) or U.S. Most Favored Nation (“MFN”) tariff charge, as relevant, or a tariff charge of 15 p.c on originating items of the ROK, for functions of the reciprocal tariff supplied underneath Executive Order 14257 of April 2, 2025, as amended.
• The United States will scale back its Section 232 sectoral tariffs on cars, auto components, timber, lumber, and wooden derivatives of the ROK to fifteen p.c. For such merchandise of the ROK with a KORUS FTA or MFN tariff charge, as relevant, equal to or better than 15 p.c, no further Section 232 tariff shall apply. For such merchandise of the ROK with a KORUS FTA or MFN tariff, as relevant, lower than 15 p.c, the sum of the KORUS FTA or MFN tariff and the extra Section 232 tariff shall be 15 p.c.
• For any Section 232 tariffs imposed on prescription drugs, the United States intends to use to originating items of the ROK a Section 232 tariff charge no better than 15 p.c.
• For any Section 232 tariffs imposed on semiconductors (together with semiconductor manufacturing gear), the United States intends to offer phrases for such Section 232 tariffs on Korea which can be no much less favorable than phrases that could be supplied in a future settlement protecting a quantity of semiconductor commerce at the very least as giant as Korea’s, as decided by the United States.
• The United States intends to take away supplemental tariffs imposed pursuant to Executive Order 14257 of April 2, 2025, as amended for sure merchandise recognized on the checklist of Potential Tariff Adjustments for Aligned Partners, equivalent to generic prescription drugs, generic pharmaceutical substances, generic pharmaceutical chemical precursors, and sure pure sources unavailable within the United States. The United States may also take away tariffs on sure plane and components of the ROK from the tariffs imposed pursuant to Executive Order 14257, as amended, by Proclamation 9704, as amended, Proclamation 9705, as amended, and Proclamation 10962.

FOREIGN EXCHANGE MARKET STABILITY:  The United States and the ROK, in reference to their respective commitments included within the MOU, have completely mentioned the potential impression of the MOU on the international trade market stability of the ROK. They have reached a mutual understanding that commitments within the MOU shall not be allowed to present rise to market instability. As trusted companions, the 2 nations agree that the ROK shall not be required to fund an combination quantity of U.S. {dollars} better than $20 billion in any calendar yr.  The ROK will use its finest efforts, to the best extent attainable, to supply the U.S. {dollars} via means aside from market purchases in order to attenuate any potential impression in the marketplace. Should it seem that the success of the commitments within the MOU might trigger market instability, equivalent to disorderly actions of Korean gained, the ROK might request an adjustment within the quantity and timing of the funding, and the United States will, in good religion, give due consideration to such request.

ENHANCING COMMERCIAL TIES:  The two leaders welcomed a collection of business commitments in strategic sectors, reflecting the arrogance of the personal sector within the robust bilateral financial partnership.

• The two leaders welcomed the announcement in August by ROK corporations of international direct investments within the United States totaling $150 billion throughout President Trump’s time period. Both international locations will use their finest efforts to facilitate these investments.
• The two leaders welcomed the announcement by Korean Air (KAL) in August of a purchase order order of 103 Boeing plane powered by GE Aerospace engines. The Boeing dedication is valued at U.S. $36 billion and can embrace a mixture of Boeing 737 MAX jets, 787 Dreamliners, and 777X passenger and freighters, bringing KAL’s whole order in 2025 to greater than 150 Boeing airplanes.
• The United States and the ROK welcome the Buy America in Seoul initiative, whereby the ROK, in collaboration with the State Governments, will set up an annual exhibition that includes U.S. corporations, together with Small and Medium-sized Enterprises, to advertise the export of U.S. items into Korea.

PROMOTING RECIPROCAL TRADE:  The two leaders acknowledged that the lately introduced deal displays a typical objective to extend mutually helpful commerce and funding. In the spirit of the deal, the United States and the ROK will tackle non-tariff boundaries and memorialize commitments and a plan of motion to advertise reciprocal commerce, to be adopted by the KORUS Joint Committee earlier than the tip of the yr. This will embrace however not be restricted to the next:

• The ROK will remove the 50,000-unit cap on U.S.-originating Federal Motor Vehicle Safety Standards (FMVSS)-compliant autos that may enter the ROK with out additional modifications.  The ROK may also scale back regulatory burdens for U.S. automotive exports by not requiring further documentation in its emissions certification course of aside from these submitted to U.S certification authorities.
• The ROK will work along with the United States to handle non-tariff boundaries affecting commerce in meals and agricultural merchandise, together with by: guaranteeing that present commitments underneath bilateral agreements and protocols are met; streamlining the regulatory approval course of for agricultural biotechnology merchandise and resolving the backlog of U.S. purposes; establishing a U.S. Desk devoted to requests for U.S. horticultural merchandise; and preserving market entry for U.S. meats and cheeses that use sure phrases.
• The United States and the ROK commit to make sure that U.S. corporations aren’t discriminated towards and don’t face pointless boundaries by way of legal guidelines and insurance policies regarding digital providers, together with community utilization charges and on-line platform laws, and to facilitate cross-border switch of information, together with for location, reinsurance, and private knowledge. Further, the United States and the ROK will help the everlasting moratorium on customs duties on digital transmissions on the World Trade Organization.
• The ROK commits to offer further procedural equity provisions in competitors proceedings, together with the popularity of attorney-client privilege.
• The United States and the ROK will work collectively to guard mental property rights. The ROK will proceed to take the required steps to accede to the Patent Law Treaty.
• The United States and the ROK decide to work collectively to make sure robust safety of internationally-recognized labor rights. The United States and the ROK will work collectively to fight all types of pressured labor globally, together with by combatting the importation of products made with pressured labor.
• The United States and the ROK reaffirm the significance of guaranteeing variations in environmental safety don’t distort commerce and funding. To this finish, the ROK will successfully implement its environmental legal guidelines to facilitate reciprocal commerce, together with by totally implementing the WTO Agreement on Fisheries Subsidies.

PROTECTING ECONOMIC PROSPERITY:  The two leaders acknowledged the necessity to strengthen financial and nationwide safety alignment with the intention to protect our competitiveness and keep safe provide chains. This contains cooperation to fight obligation evasion and taking complementary actions to handle unfair and non-market insurance policies and practices, enhancing inbound funding and outbound funding laws, and each international locations will make sure that worldwide procurement obligations present a profit to these international locations which have taken on the identical commitments.

MODERNIZING THE U.S.-ROK ALLIANCE:  The United States underscored its dedication to the protection of the ROK via the enduring presence of the U.S. Forces Korea (USFK).

• The United States reaffirmed its pledge to offer prolonged deterrence, leveraging the complete vary of its capabilities, together with nuclear. The two leaders dedicated to strengthening cooperation via session mechanisms together with the Nuclear Consultative Group.
• President Lee shared the ROK’s plan to extend its protection spending to three.5% of GDP as quickly as attainable in accordance with ROK authorized necessities, which President Trump welcomed.
• The ROK additionally dedicated to spending $25 billion on U.S. navy gear purchases by 2030, and shared its plan to offer complete help for U.S. Forces Korea amounting to $33 billion in accordance with ROK authorized necessities.
• The two leaders dedicated to proceed alliance cooperation towards the transition of wartime operational management.  With the help of the United States, the ROK pledged to speed up efforts to strengthen its navy capabilities mandatory to steer the mixed standard protection towards the Democratic People’s Republic of Korea (DPRK). These embrace acquisition of superior U.S. weapons methods and growth of bilateral protection industrial cooperation, together with in high-tech weapons methods.
• The United States and the ROK will improve U.S. standard deterrence posture towards all regional threats to the Alliance, together with the DPRK. The two sides affirm related understandings since 2006. Both sides will proceed shut session and report the progress on implementation to their management.
• The United States and the ROK pledged to broaden cooperation in our on-line world and outer area. The two leaders additionally reaffirmed their intention to proceed working collectively on AI within the navy area.

COORDINATING ON KOREAN PENINSULA AND REGIONAL ISSUES: The two leaders dedicated to peace, safety, and prosperity each on the Korean Peninsula and within the Indo-Pacific area.

• The two leaders reiterated their dedication to the whole denuclearization of the DPRK and peace and stability on the Korean Peninsula, and pledged to work collectively to implement the Joint Statement of the 2018 U.S.-DPRK Singapore Summit.
• Both leaders agreed to coordinate carefully on DPRK coverage and known as on the DPRK to return to significant dialogue and abide by its worldwide obligations, together with by abandoning its weapons of mass destruction (WMD) and ballistic missile applications.
• The two leaders dedicated to strengthen the trilateral partnership with Japan.
• The two leaders reaffirmed efforts to uphold freedoms of navigation and overflight and different lawful makes use of of the ocean. They reaffirmed that the maritime claims of all nations ought to adjust to the worldwide regulation of the ocean.
• They emphasised the significance of preserving peace and stability throughout the Taiwan Strait. They inspired the peaceable decision of cross-Strait points and opposed unilateral modifications to the established order.

FURTHERING OUR MARITIME AND NUCLEAR PARTNERSHIP:  The United States welcomed the ROK’s dedication to contribute to modernizing and increasing the capability of American shipbuilding industries, together with via investments in U.S. shipyards and America’s workforce.  The ROK welcomed the United States’ help for the ROK’s civil and naval nuclear energy applications.

• Both international locations dedicated to collaborate additional via a shipbuilding working group, together with on upkeep, restore, and overhaul, workforce growth, shipyard modernization, and provide chain resilience. 
• These initiatives will improve the variety of U.S. business ships and combat-ready U.S. navy vessels as shortly as attainable, together with the potential development of U.S. vessels within the ROK.
• Consistent with the bilateral 123 settlement and topic to U.S. authorized necessities, the United States helps the method that may result in the ROK’s civil uranium enrichment and spent gasoline reprocessing for peaceable makes use of. 
• The United States has given approval for the ROK to construct nuclear-powered assault submarines. The United States will work carefully with the ROK to advance necessities for this shipbuilding undertaking, together with avenues to supply gasoline.