National Assembly and Government to Hold Four Meetings Over Trump’s Tariff Hike

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According to The Financial News, the National Assembly of the Republic of Korea and the Lee Jae-myung administration are set to meet four times on the 27th to discuss countermeasures after Donald John Trump abruptly announced a tariff hike.
On that day, POTUS Donald Trump stated via social networking service (SNS) that, citing the National Assembly of the Republic of Korea’s refusal to approve a trade agreement, he would raise tariffs on automobiles and other items, as well as reciprocal tariffs, to 25%. In response, the Strategy and Finance Committee of the National Assembly of the Republic of Korea and the Trade, Industry, Energy, SMEs, and Startups Committee summoned the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy.
According to reporting by this newspaper, lawmakers from the ruling Democratic Party of Korea (DPK) on the Strategy and Finance Committee will first meet officials from the Ministry of Economy and Finance in the morning to receive a briefing. In the afternoon, the Policy Committee of the Democratic Party of Korea and the Ministry of Economy and Finance are expected to hold a ruling party–government consultation.
In addition, ruling and opposition members of the Strategy and Finance Committee will gather to meet Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance Koo Yun-cheol to discuss countermeasures. The Trade, Industry, Energy, SMEs, and Startups Committee will also receive a report in the afternoon from Minister for Trade Yeo Han-koo and Vice Minister Mun Sin-hak of the Ministry of Trade, Industry and Energy.
The DPK is pushing to swiftly pass the Special Act on Investment in the United States in order to ease President Trump’s dissatisfaction. The People Power Party has maintained that parliamentary ratification should come first, but it is reportedly open to talks in light of the urgency of the situation.
However, it remains uncertain whether developments will proceed entirely in line with the wishes of the government and ruling party, given that both the Chairperson of the Strategy and Finance Committee and the Chairperson of the Trade, Industry, Energy, SMEs, and Startups Committee of the National Assembly are People Power Party lawmakers Lim Yi-ja and Lee Cheol-gyu. There is room for the opposition’s demands to be reflected, including on parliamentary ratification of the tariff agreement.
uknow@fnnews.com Kim Yun-ho, Kim Hyeong-gu, Song Ji-won, Lee Hae-ram Reporter