US okays Sokor plan to build nuclear-powered submarines
The United States has formally approved South Korea’s plan to build nuclear-powered submarines and endorsed a process allowing it to pursue uranium enrichment and spent fuel reprocessing for peaceful purposes, according to a joint document released Friday.
The fact sheet, outlining the outcome of last month’s summit between South Korean President Lee Jae-myung and US President Donald Trump, says Washington will work closely with Seoul on fuel sourcing and other requirements for the submarine program.
Uranium enrichment
Consistent with the agreement between the allies and subject to US legal requirements, “the United States supports the process that will lead to the ROK’s civil uranium enrichment and spent fuel reprocessing for peaceful uses,” the document said, using an acronym for South Korea’s official name, the Republic of Korea.
It also said the US side has approved a South Korean investment of $150 billion in the shipbuilding sector in the United States.
Lee told reporters on Friday that the two countries will explore “institutional measures” to enable construction of US Navy ships in South Korea and make the two countries’ shipbuilding industries “stronger together.”
Sectoral tariffs
Under the bilateral agreement, Washington will lower sectoral tariffs on South Korean products, such as cars and auto parts to 15 percent. Regarding semiconductors, South Korea is guaranteed treatment equal to or better than that offered in any future US agreements with countries that have larger trade volumes.
The United States reaffirmed its commitment to the defense of South Korea.
