Korea and the United States are continuing discussions on semiconductor tariffs under an understanding that Korean chips will not receive less favorable treatment than those of competing countries. Industry Minister Kim Jung-kwan said the understanding was reached during tariff negotiations in October and was reflected in a November joint fact sheet covering trade, investment and security. The document says the U.S. pledged to offer Korea semiconductor tariff rates that are "no less favorable" than terms that could be provided in a future agreement covering at least as much chip-trade volume as Korea’s. The talks follow U.S. Commerce Secretary Howard Lutnick’s statement that President Donald Trump’s administration is developing a "targeted" and "thoughtful" semiconductor tariff policy. Kim said Washington has not provided a timetable for announcing the tariffs. He also said issues related to Korea’s first investment project under a bilateral trade deal could be completed this month, potentially allowing an announcement in September 2026.