United States and South Korea to Further Cooperate in Semiconductor Sector

South Korean Trade, Industry and Energy Minister Moon Sung-wook and U.S. Secretary of Commerce Gina Raimondo had a meeting in the United States on Nov. 9. There, the minister asked the U.S. government to protect the trade secrets South Korean semiconductor companies submitted at the request of the U.S. government and to import more steel from South Korean steelmakers.

“The request was inevitable due to the ongoing global supply chain problems,” she said at the meeting, adding, “We appreciate the South Korean companies’ cooperation, we are well aware of their concerns, and we will protect the data and information thoroughly.”

The two agreed to cooperate for global supply chain stabilization in the semiconductor industry. According to their agreement, the industrial cooperation dialogue between the United States and South Korea, which has been director-level meetings, will take the form of ministerial meetings and the two governments’ first semiconductor partnership dialogue will take place on Dec. 8 and be attended by South Korean and U.S. experts and enterprises.

At the meeting, the minister asked the U.S. government to raise its quota on steel from South Korea with the United States having decided last month to eliminate its 25 percent tariffs on steel imports from the European Union. She said in response that the discussions will continue based on the partnership between South Korea and the United States. According to the quota, South Korea’s annual steel exports to the United States cannot exceed 70 percent of the average for the three preceding years. South Korea opted for the quota instead of a 25 percent tariff in 2018.