Seoul: South Korea will explain the National Assembly's efforts to pass a special investment bill tied to a bilateral trade deal with the United States in a bid to ease Washington's concerns over delays, a senior presidential aide said Wednesday. Kim Yong-beom, the presidential chief of staff for policy, highlighted the urgency of addressing U.S. concerns following President Donald Trump's announcement of plans to increase tariffs on South Korean goods and vehicles.
According to Yonhap News Agency, President Trump's decision to raise tariffs from 15 percent to 25 percent appears to be linked to the slower-than-expected legislative process of the investment bill. "The U.S. complaint appears to stem entirely from the delayed legislation at the National Assembly," Kim stated. The bill, submitted by the ruling Democratic Party in November, aims to support South Korea's $350 billion investment pledge and is currently pending at a parliamentary committee.
Kim emphasized that the government will enhance communication with lawmakers to expedite the bill's passage, targeting a potential vote as early as February. He underscored the importance of upcoming talks between Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick, as well as discussions between Trade Minister Yeo Han-koo and U.S. Trade Representative Jamieson Greer.
Furthermore, Kim noted that even before the bill's passage, the government would consider conducting preliminary reviews of potential investment projects to prepare for full-scale implementation. This approach aims to demonstrate the government's commitment to fulfilling its investment pledge and mitigating trade tensions with the United States.