Ulsan Mayor Kim Doo-gyeom Welcomes US-Korea Tariff Agreement, Anticipates Boost to Local Economy
Ulsan Mayor Kim Doo-gyeom Welcomes US-Korea Tariff Agreement, Anticipates Boost to Local Economy - Key Points
Ulsan Mayor Kim Doo-gyeom expressed his welcome on October 30, 2025, to the news of the US-Korea tariff agreement. Mayor Kim emphasized that this agreement is expected to inject positive energy into the Ulsan economy as a whole, as well as local export companies. In particular, he expressed great anticipation for the impact that the reduction in automobile tariffs will have on the Ulsan regional economy.
Mayor Kim noted that the automobile tariff in the US-Korea tariff agreement was reduced from 25% to 15%, and predicted that this would greatly contribute to strengthening the competitiveness of Ulsan's automobile export companies. He analyzed that the tariff reduction will lead to an increase in price competitiveness, which will have a positive impact on increasing export volumes. In addition, as the automobile industry occupies a key part of the Ulsan economy, he predicted that this tariff reduction would contribute to the revitalization of the local economy as a whole. Ulsan City announced that it plans to seek various support measures to maximize the tariff reduction effect for automobile export companies in the future.
Mayor Kim also noted that the 'MASGA' project is being promoted under the leadership of Korean companies, and expects that this will provide Ulsan shipbuilding companies with new opportunities to enter overseas markets. Although he did not specify the details of the 'MASGA' project, he emphasized that it will be an important stepping stone for expanding the overseas market for the shipbuilding industry, which is Ulsan's main industry. He promised that the city will spare no effort to support Ulsan shipbuilding companies so that they can demonstrate their competitiveness in the overseas market based on their accumulated technology and experience. Ulsan City plans to continuously monitor information related to the 'MASGA' project, provide necessary information to Ulsan companies, and actively promote administrative support for overseas expansion.
Meanwhile, political reactions to the US-Korea tariff agreement are mixed. The Ulsan City Branch of the Democratic Party welcomed the agreement, saying that the Lee Jae-myung administration successfully led the negotiations with national interests as the top priority. The Democratic Party's Ulsan City Branch emphasized that the results of this negotiation would have a positive impact on the Ulsan regional economy and expressed its support for the government's efforts. On the other hand, the Ulsan City Branch of the Progressive Party strongly protested, criticizing that this negotiation was a humiliating negotiation made under the coercion of the United States and would lead to a large-scale outflow of national wealth. The Progressive Party's Ulsan City Branch argued that this negotiation was conducted under unequal conditions and would have a negative impact on the Korean economy in the long term.
It was reported that Donald Trump of the United States and Lee Jae-myung of South Korea discussed approval for the construction of a nuclear-powered submarine (SSN) and acceleration of nuclear fuel consultations at the US-Korea summit held in Gyeongju on October 29, 2025. In addition, Donald Trump of the United States drew attention by saying that he would build a Korean-type nuclear submarine at Hanwha Philly Shipyard in Philadelphia on the same day. Meanwhile, the White House announced that Korea Hydro & Nuclear Power (KHNP) and POSCO International had decided to participate in the Ohio Centrus uranium enrichment facility expansion project. The Asia-Pacific Economic Cooperation (APEC) summit is scheduled to be held in Gyeongju on October 31, 2025.
