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Lee says U.S. tariff deal eases uncertainties, touts progress on fuel for nuclear-powered subs

Published: 04 Nov. 2025, 12:14

KIM MIN-YOUNG
[email protected]

President Lee Jae Myung, bottom, delivers his budget speech at the National Assembly in Seoul on Nov. 4, as speaker Woo Won-shik sits above him. [YONHAP]

President Lee Jae Myung said Tuesday that a tariff deal with the United States that was finalized last week has eased economic uncertainties while touting progress in talks with the U.S. on the supply of fuel for nuclear-powered submarines.

In his budget speech at the National Assembly in Yeouido, western Seoul, Lee reviewed the results of his summit with U.S. President Donald Trump, which finalized details of Seoul's $350 billion investment pledge in exchange for lower U.S. tariffs.

"By securing tariff levels on par with our competitors in key export sectors such as automobiles and semiconductors, we have created a level playing field for fair competition," said Lee in his speech. "We also set an annual investment cap in our U.S. investment package to minimize potential shocks to the foreign exchange market, and established multiple safeguards in project selection and operations to ensure stable returns on investment."

Last week, Lee asked Trump to allow Korea to have fuel for nuclear-powered submarines. In return, Trump gave approval to Korea to build nuclear-powered submarines in a U.S. shipyard owned by Korea's Hanwha Ocean.

"Progress in consultations on the supply of nuclear fuel for nuclear-powered submarines has strengthened the foundation for self-reliant defense," Lee said. "Breakthroughs in uranium enrichment and spent fuel reprocessing have also enhanced our future energy security."

Lee said Korea's tariff deal with the U.S. secured tariff levels equivalent to those of competing countries in key export sectors, such as automobiles and semiconductors, establishing a foundation for fair competition on "a level playing field."

Without mentioning Trump's approval of nuclear-powered submarines, Lee cited "progress" in talks with the U.S. on the supply of fuel for nuclear-powered submarines.

During the Asia-Pacific Economic Cooperation (APEC) gathering last week, Lee said all-out diplomatic efforts yielded the best possible outcomes under tough conditions.

"We put in our utmost efforts, even pouring out our heart and soul, to achieve the best possible outcome even under the worst circumstances," Lee said. "Going forward, the government will continue to strengthen the nation's power and elevate its standing through pragmatic diplomacy centered on the national interest."

Lee also mentioned the Korea–China summit, saying that "we fully restored bilateral relations and reaffirmed our commitment to move forward together as strategic partners in the spirit of pragmatism and mutual benefit."

BY YONHAP, KIM MIN-YOUNG [[email protected]]