Ruling and opposition lawmakers to visit U.S. on the 23rd to push ‘U.S. Investment Act, Online Platform Act’ agenda

[The Financial News] Lawmakers from both the ruling and opposition parties who belong to the Korea-U.S. Parliamentary Association agreed on the 4th to work together to ease the risk of tariff hikes by the Trump administration. They plan to visit the United States on the 23rd to convey their commitment to swiftly pass the Special Act on Managing Strategic Investment between Korea and the United States (Special Act on Investment in the United States) and to revise the Online Platform Fairness Act.
On this day, the association met with Yeo Han-koo, Minister for Trade at the Ministry of Trade, Industry and Energy, to discuss the status of tariff negotiations with the Trump administration and the measures needed in response. They also addressed potential energy supply issues stemming from the closure of the Strait of Hormuz due to the situation involving the Islamic Republic of Iran.
Representative Kim Young-bae of the Democratic Party of Korea (DPK), who serves as the association’s DPK secretary, spoke with reporters after the meeting and mentioned the planned U.S. visit on the 23rd. He said, “Lawmakers from both parties in the association have decided to inform the U.S. side that we will pass the Special Act on Investment in the United States within the deadline of March 9, when the special committee’s mandate expires.” He added, “We also agreed to closely review provisions of the Online Platform Fairness Act that could be challenged due to complaints from U.S. Big Tech companies.”
The Trump administration has been pressuring Korea with the threat of raising tariffs again, citing delays in passing the Special Act on Investment in the United States and regulations such as antitrust oversight and restrictions on the use of personal data for U.S. Big Tech companies. In particular, the Coupang case has reinforced the perception that U.S. firms are being treated unfairly. Suspicion has persisted even after the Korean government recently allowed the overseas export of high-precision maps under conditions such as masking military and security facilities.
In response, the National Assembly intends to move quickly to enact the Special Act on Investment in the United States and to address concerns over unfair practices affecting digital companies. The Lee Jae-myung administration is also said to be counting on the association’s role, given that trade authority in the United States is concentrated in Congress. The association plans to finalize the specific commitments and talking points it will present to the U.S. side before departing for the United States on the 23rd.
Regarding the Strait of Hormuz, Yeo Han-koo explained that Korea currently has sufficient oil and gas reserves, but is securing alternative supplies in preparation for the possibility of a prolonged war in the Middle East.

uknow@fnnews.com Kim Yun-ho, Kim Hyeong-gu Reporter