Amid Sudden U.S. Tariff Hike, Finance Ministry to Request National Assembly’s Cooperation on Special Act for Investment in the United States Today
Kim Jung-Kwan, Minister of Trade, Industry and Energy, held a meeting with Howard Lutnick, U.S. Secretary of Commerce, in July last year at the U.S. Department of Commerce conference room in Washington D.C., where they discussed progress in Korea-U.S. tariff negotiations and ways to strengthen cooperation in the industrial sector. Ministry of Trade, Industry and Energy
View original imageThe Ministry of Economy and Finance stated on the 27th that it is "currently trying to gauge the intentions of the U.S. side" regarding the sudden increase in reciprocal tariffs on U.S. automobiles and other goods, and announced plans to request cooperation from the National Assembly today on the Special Act on Investment in the United States.
Through a press release issued the same day, the Ministry explained, "We will continue to communicate with the U.S. government, including by explaining the status of legislative discussions in the Korean National Assembly," and reiterated its position.
Earlier that day, U.S. President Donald Trump announced on Truth Social that, due to delays in the Korean National Assembly's procedures related to the implementation of the Korea-U.S. trade agreement, reciprocal tariffs on Korean automobiles, lumber, pharmaceuticals, and other goods would be raised to 25%.
The government plans to ask the National Assembly to discuss the Special Act on Investment in the United States, which includes provisions for establishing the Korea-U.S. Strategic Investment Fund, on this day.
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The Ministry of Economy and Finance stated, "Originally, we had planned to request the National Assembly's cooperation on the special bill through a meeting scheduled for this afternoon between Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol and the Chairperson of the Planning and Finance Committee," adding, "Including this, we will continue to actively consult with the National Assembly moving forward."
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