Bessent Says "No U.S.–Korea Trade Deal Until Korean Parliament Approves"

Financial News New York City = Reporter Lee Byung-chulScott Bessent, the U.S. Secretary of the Treasury, said on the 28th (local time), "Because the National Assembly of the Republic of Korea has not passed the trade agreement, there is no trade agreement with Korea until they ratify it."
In an interview with Consumer News and Business Channel (CNBC) that day, Bessent was asked whether President Donald John Trump was raising tariffs because Korea had not approved the trade agreement, and he responded with this remark.
The term "ratify" used by Bessent and the interviewer is understood to refer to the National Assembly of the Republic of Korea passing the Special Act on Investment in the United States. Bessent stressed, "The signal from the Trump administration is to sign the trade agreement."
When asked whether Korea would be subject to a 25% tariff until the agreement is ratified, he replied, "I think this helps move the situation forward." This comment is seen as reflecting the view that President Donald Trump’s tariff hike announcement could pressure and accelerate the handling of the Special Act on Investment in the United States in Korea.
Earlier, on the 26th, President Donald John Trump wrote on the social media platform Truth Social, "Because the Korean legislature has not enacted our historic trade agreement, I am therefore raising all reciprocal tariffs, including on automobiles, lumber, and pharmaceuticals, from 15% to 25%."
However, the next day Trump said he would work out a solution with Korea, suggesting that the tariff increase could be put on hold depending on the outcome of bilateral consultations. So far, no administrative order has been signed, nor has any notice been published in the official gazette to implement the higher tariffs.

pride@fnnews.com Reporter Lee Byung-chul Reporter