Joint Fact Sheet on President Donald J. Trump’s Meeting with President Lee Jae Myung

Joint Fact Sheet on President Donald J. Trump’s Meeting with President Lee Jae MyungReaffirm The Korea Strategic Trade and Investment deal (announced July), highlighting:Target sectors: shipbuilding, energy, semiconductors, pharmaceuticals, critical minerals, AI, quantum computing.Tariff framework:U.S. will remove supplemental tariffs under EO 14257 on:U.S. and ROK agree MOU commitments must not destabilize FX markets.ROK will not be required to fund more than $20 billion in U.S. dollars per year.ROK will strive to source USD outside of FX market purchases where possible.If commitments risk causing won instability, ROK can request adjustments to amount/timing; U.S. will consider such requests in good faith.ROK companies announced $150 billion in FDI in the U.S. during Trump’s term; both governments will facilitate.Korean Air:Launch of “Buy America in Seoul”:Commitments to be formalized by the KORUS Joint Committee by year-end:AutosROK will eliminate the 50,000-unit cap on FMVSS-compliant U.S. vehicles entering without further modification.Reduce emissions certification paperwork to what’s filed with U.S. authorities (no extras).Food & AgricultureWork together to remove non-tariff barriers, ensure existing bilateral commitments are met.Streamline approvals for ag-biotech and resolve backlog of U.S. applications.Establish a U.S. Desk for U.S. horticultural products.Preserve market access for U.S. meats and cheeses using specific terms.Digital Trade & DataEnsure no discrimination or unnecessary barriers targeting U.S. digital services (e.g., network fees, platform rules).Facilitate cross-border data flows, incl. location, reinsurance, personal data.Support a permanent moratorium on customs duties for electronic transmissions at the WTO.Competition PolicyROK to improve procedural fairness, including recognition of attorney–client privilege in competition cases.Intellectual PropertyJoint work on IP protection; ROK to continue steps to accede to the Patent Law Treaty.LaborJoint commitment to strong labor rights and to combat forced labor, including stopping imports of goods made with forced labor.EnvironmentEnsure differences in environmental rules do not distort trade.ROK to effectively enforce environmental laws and fully implement the WTO Fisheries Subsidies Agreement.Deepen economic + national security alignment:U.S. reaffirms defense commitment through the enduring presence of U.S. Forces Korea (USFK).Extended deterrence:ROK plans to raise defense spending to 3.5% of GDP “as soon as possible”; Trump welcomes this.ROK commitments:Wartime OPCON transition:Both sides to enhance U.S. conventional deterrence posture against regional threats, especially DPRK.Expand cooperation in cyberspace and outer space.Continue joint work on AI in the military domain.Recommit to complete denuclearization of DPRK and peace and stability on the Peninsula.Pledge to implement the 2018 U.S.–DPRK Singapore Summit Joint Statement.Call on DPRK to:Strengthen trilateral cooperation with Japan.Reaffirm:Stress peace and stability in the Taiwan Strait, support peaceful resolution and oppose unilateral status quo changes.ROK to help modernize and expand U.S. shipbuilding, including:U.S. supports ROK’s civil and naval nuclear power programs.Key moves:Establish a shipbuilding working group (MRO, workforce, modernization, supply chains).Increase the number of U.S. commercial and combat-ready naval vessels, possibly including U.S. ships built in Korea.Under the 123 Agreement (and U.S. law), U.S. supports a process for ROK’s:U.S. has approved ROK to build nuclear-powered attack submarines and will work with ROK on:1. Rebuilding and Expanding Critical Industries2. Foreign Exchange Market Stability3. Enhancing Commercial Ties4. Promoting Reciprocal Trade5. Protecting Economic Prosperity6. Modernizing the U.S.–ROK Alliance7. Korean Peninsula and Regional Issues8. Maritime and Nuclear Partnership