US Deputy Secretary of State Christopher Landau said on Thursday that the joint fact sheet released by South Korea and the United States opens a 'new chapter' in their alliance. The document outlines outcomes from summits between President Lee Jae Myung and President Donald Trump in Washington in August and Gyeongju in October. It includes US approval for South Korea's nuclear-powered submarines and uranium enrichment and reprocessing capabilities.
South Korea and the United States released a joint fact sheet in Washington on Thursday, detailing trade and security agreements. The document reflects outcomes from summits between President Lee Jae Myung and President Donald Trump in August in Washington and October in Gyeongju, focusing on a $350 billion South Korean investment pledge in exchange for tariff reductions and expanded nuclear cooperation.
Deputy Secretary of State Christopher Landau, speaking at a forum co-hosted by the Atlantic Council and the Korea Society, stated: 'Just recently, yesterday, our two countries released a historic joint fact sheet on President Trump's historic state visit to Korea at the end of October, inaugurating a new chapter in the U.S.-Korea alliance.' He urged reading it closely, highlighting priorities like rebuilding industries, exchange rate stability, commercial ties, reciprocal trade, alliance modernization, and maritime and nuclear partnerships.
On trade, the US will reduce Section 232 tariffs on South Korean automobiles, parts, timber, lumber, and wood derivatives to 15% from 25%. South Korea pledged $200 billion in strategic investments and $150 billion in shipbuilding cooperation, with an annual cap of $20 billion. The Ministry of Trade, Industry and Resources said Industry Minister Kim Jung-kwan and Commerce Secretary Howard Lutnick electronically signed an MOU to select projects by January 2029.
In security, the US approved South Korea's nuclear-powered attack submarines and supports civil uranium enrichment and spent fuel reprocessing under the 123 agreement. Brookings' Andrew Yeo said: 'The statement suggests that the alliance is moving forward,' expressing relief but caution. KEI's Ellen Kim noted the nuclear deals break new ground but face scrutiny from Congress and future administrations. The fact sheet confirms an 'enduring' US Forces Korea presence without specifying troop levels.
Experts say implementation details and financial, geopolitical challenges remain. South Korea will raise defense spending to 3.5% of GDP, commit $25 billion to US arms purchases by 2030, and provide $33 billion in USFK support.