South Korea: Lee says US tariff deal eases uncertainties, touts progress on fuel for nuclear-powered subs

Seoul, Nov 4 (IANS) South Korean 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 US on the supply of fuel for nuclear-powered submarines.

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

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

Lee said South Korea's tariff deal with the US 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 US on the supply of fuel for nuclear-powered submarines.

"Progress in consultations on the supply of nuclear fuel for nuclear-powered submarines has strengthened the foundation for self-reliant defence," Lee said.

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

"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."

--IANS

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