Incheon: Industry Minister Kim Jung-kwan announced that the United States is unlikely to increase tariffs on South Korea if the National Assembly passes a special bill regarding Seoul's US$350 billion investment commitment to the U.S.
According to Yonhap News Agency, Kim made these remarks at Incheon International Airport after his visit to the U.S., where he held discussions with Commerce Secretary Howard Lutnick about tariff issues and other bilateral trade matters. Kim reported that during a meeting with Lutnick, he explained the special investment bill expected to pass in the National Assembly next week. The U.S. side reportedly evaluated the bill highly and expressed appreciation for the efforts.
Kim indicated that if the bill is passed or if South Korea implements measures related to the ongoing trade negotiations between Seoul and Washington, there would be no announcements in the Federal Register concerning tariff increases. This statement comes in response to U.S. President Donald Trump's threat in January to elevate "reciprocal" tariffs and duties on South Korean autos, lumber, and pharmaceuticals from 15 percent to 25 percent due to delays in the parliamentary process of passing the investment bill.
The bill is anticipated to pass on Thursday as part of a trade deal with Washington, aiming to reduce the uncertainty surrounding U.S. tariff policies. Kim's visit to the U.S. also addressed concerns following a recent U.S. Supreme Court ruling that invalidated Trump's reciprocal tariffs.
Source: Yonhap News Agency