S. Korea's rice, beef markets won't be further opened under tariff deal with U.S.: presidential official

SEOUL, Aug. 3 (Yonhap) -- South Korea's markets for rice and beef will not be further opened under a tariff deal with the United States, a senior presidential official said Sunday.

Kim Yong-beom, the presidential chief of staff for policy, made the remarks during an appearance on a KBS news program amid lingering uncertainty over the details of the tariff deal.

President Donald Trump claimed that South Korea has agreed to accept American products, including cars, trucks and agricultural goods, as he announced the deal on his social media account last week, whereas Seoul said it has fended off U.S. demands for the further opening of the rice and beef markets.

"There will be no additional opening of the rice and beef (markets). That is a clear fact," Kim said, although he noted that technical discussions could take place, including those on simplifying quarantine procedures.

He also ruled out the possibility of the U.S. making further demands to open those markets, saying, "All trade-related issues have been finalized this time."

The agreement reduces reciprocal tariffs on South Korean goods from the initially proposed 25 percent to 15 percent.

As part of the deal, South Korea has also committed to a US$350 billion investment in the U.S., with $150 billion earmarked for the shipbuilding industry and $100 billion allocated for U.S. energy purchases.

Kim rejected the characterization of the $350 billion investment as South Korea's "unilateral bankrolling of money," saying Washington's claim it would determine where the investment goes was merely a "political expression."

He said some of the projects conducted under the investment may present opportunities for South Korean firms, adding that private Korean firms should actively participate in the fund.

During the interview, Kim also introduced a red baseball cap used by the South Korean negotiating team in talks with the U.S. The cap bears the embroidered slogan "Make America Shipbuilding Great Again" on its front, a message inspired by Trump's "Make America Great Again" mantra.

"We designed this and brought about 10 of them to the U.S.," he said, adding that the tariff negotiations would have been very difficult if South Korea did not have the shipbuilding card.

pbr@yna.co.kr
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