Ruling Party Rushes Special Act on Investment in the United States After Trump’s Tariff Hike Warning

[The Financial News] The Democratic Party of Korea (DPK) announced on the 27th that it will begin deliberations on the Special Act on Investment in the United States, after U.S. President Donald John Trump signaled a tariff increase.
Jung Tae-ho, the DPK secretary on the National Assembly Finance and Economic Committee, sent a text message to reporters saying, "In December last year we were tied up with tax deliberations, and in January we were focused on confirmation hearings, so there was no room to review individual bills," adding, "Going forward, deliberations will proceed under normal procedures."
On the 26th (local time), U.S. President Donald Trump wrote on Truth Social that the Korean National Assembly has not passed the Special Act on Investment in the United States, which he described as part of a bilateral agreement between South Korea and the United States. He stated that he would raise tariffs on Korean imports such as automobiles back up to 25% from the current 15%.
Jung said, "We have not received any working-level appeal from the United States regarding the delay in legislation," and explained, "What was agreed between South Korea and the United States was the introduction of the bill, and there was no specific deadline for its passage."
He went on to say, "The Special Act on Investment in the United States is currently moving through the normal process in the National Assembly Finance and Economic Committee," adding, "Five separate bills on investment in the United States have been introduced. Once the required cooling-off period has passed, deliberations will naturally begin."
Earlier, the DPK launched a special committee to follow up on the APEC Economic Leaders' Meeting (APEC Summit) and South Korea–U.S. tariff negotiations, and has been working on measures including the Special Act on Investment in the United States.
The Ministry of Economy and Finance stated, "We are currently trying to gauge the intentions of the U.S. side," and added, "We will continue to communicate with the U.S. government, including by explaining the status of discussions on the bill in the Korean National Assembly."
In this context, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance Koo Yun-cheol plans to visit the National Assembly today to meet with ruling and opposition lawmakers on the Finance and Economic Committee and request parliamentary cooperation on the special act.
gowell@fnnews.com Reporter Kim Hyeong-gu Reporter