Seoul: 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 announced on Sunday. Kim Yong-beom, the presidential chief of staff for policy, made this statement during a KBS news program, addressing ongoing uncertainty surrounding the specifics of the tariff agreement.

According to Yonhap News Agency, President Donald Trump had previously claimed that South Korea agreed to accept American products, including cars, trucks, and agricultural goods, as part of the deal. However, Seoul maintained that it resisted U.S. demands for further opening of its rice and beef markets. Kim emphasized, "There will be no additional opening of the rice and beef (markets). That is a clear fact," while acknowledging that technical discussions could occur, such as simplifying quarantine procedures.

Kim also dismissed the possibility of the U.S. making additional demands to open these markets, stating, "All trade-related issues have been finalized this time." The agreement includes a reduction in reciprocal tariffs on South Korean goods from the initially proposed 25 percent to 15 percent.

As part of the agreement, South Korea has committed to a US$350 billion investment in the United States, with $150 billion dedicated to the shipbuilding industry and $100 billion for U.S. energy purchases. Kim rejected characterizing the $350 billion investment as South Korea's "unilateral bankrolling of money," describing Washington's claim about determining the investment's allocation as a "political expression." He mentioned that some projects under the investment could offer opportunities for South Korean firms and encouraged private Korean companies to actively engage in the fund.

During the interview, Kim introduced a red baseball cap used by the South Korean negotiating team during talks with the U.S. The cap features the slogan "Make America Shipbuilding Great Again," inspired by Trump's "Make America Great Again" mantra. "We designed this and brought about 10 of them to the U.S.," Kim explained, noting that the tariff negotiations would have been challenging without South Korea's leverage in the shipbuilding sector.