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U.S., South Korea Pledge ‘Balanced’ Rollout of Summit Deals as Seoul Passes $350 Billion Investment Bill

Seoul frames the next steps as balanced implementation of trade-security pledges following the investment bill’s passage.

Overview

  • Assistant Secretary of State Michael DeSombre met senior South Korean officials in Seoul, with both governments agreeing that all elements of the joint summit commitments should move forward in step rather than skew to one track.
  • South Korea’s National Assembly approved a special law to deliver the $350 billion U.S. investment pledge, including a state-run vehicle to manage a strategic fund tied to last year’s bilateral roadmap.
  • Washington opened a Section 301 investigation into structural excess capacity across 16 economies including South Korea, and Seoul pressed for fair treatment while preparing comments by April 15 and participation in a May 5 hearing.
  • Security items in the agreements remain under negotiation, including U.S. support for South Korea’s pursuit of nuclear-powered submarines and expanded nuclear energy cooperation, with both sides moving to accelerate 123 Agreement consultations and a Korean task-force trip to Washington.
  • Officials discussed North Korea and regional security, Seoul said no U.S. request was made for Korean military support related to the Middle East, and DeSombre paid tribute at a newly unveiled memorial to U.S. service members in Seoul.