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President Lee Jae-myung presents a model of the Cheonmachong Gold Crown to U.S. President Donald Trump at the Gyeongju National Museum on October 29. / Source: Yonhap News

South Korea’s ruling Democratic Party on October 29 lauded the finalization of the U.S.–Korea tariff negotiations as a major diplomatic and economic achievement, calling it a triumph of “national interest, practicality, and pragmatic diplomacy” that reignites hopes for a KOSPI index surge to 5,000 points.

Park Soo-hyun, the party’s chief spokesperson, told reporters at the National Assembly following the announcement of the agreement that “hope and expectations for unstoppable growth in the Korean economy are becoming reality.”

Park noted that the deal “cleared uncertainties clouding the economy by reducing tariffs on Korea’s key export sectors, including automobiles, auto parts, and semiconductors.”

He also stressed that the agreement “blocked additional agricultural market openings, safeguarding Korea’s farmers and rural communities,” describing it as evidence of President Lee Jae-myung’s firm commitment to protecting the domestic agricultural sector.

Citing Bank of Korea Governor Rhee Chang-yong’s assessment during a recent parliamentary audit that the deal was “fortunate and very well-negotiated,” Park added that the government’s efforts deserved high praise.

“We commend President Lee and his administration for steadfastly pursuing negotiations with an unwavering focus on the people and national interest,” Park said. “The finalization of the U.S.–Korea tariff agreement will serve as a strong pillar supporting our economy.”

He added that the Democratic Party would “closely support follow-up measures to the agreement and strengthen institutional backing to help Korean exporters thrive, paving the way toward a prosperous KOSPI 5000 era.”