On Tuesday, the government announced that it is currently assessing the U.S. stance regarding President Donald Trump’s warning about potential tariff increases on South Korean automobiles.
The Treasury Department stated in a press release that it will maintain communication with the U.S. government by providing updates on the bill’s progress in the South Korean National Assembly.
The department also mentioned that it had originally planned to seek cooperation from lawmakers on the special bill through a meeting scheduled for Tuesday afternoon between the Deputy Prime Minister and the Chair of the National Assembly’s Finance Committee.
Deputy Prime Minister and Treasury Secretary Koo Yun-cheol is set to meet with the Finance Committee Chairperson to urge swift action on the Special Act for Strategic Investment Management between South Korea and the U.S. (Special Act for U.S. Investment), which is currently pending in the National Assembly.
On Monday, President Trump announced via social media that the South Korean National Assembly has not implemented the trade agreement. He stated that he would raise mutual tariffs on automobiles, timber, and pharmaceuticals from 15% to 25%.
Trump questioned why the South Korean National Assembly hasn’t approved the trade agreement he signed with President Lee Jae Myung. The Special Act for U.S. Investment, a follow-up to the South Korea-U.S. trade agreement, is currently pending in the National Assembly’s Finance Committee.
The Blue House also convened a meeting of relevant agencies this morning, chaired by Policy Chief Kim Yong-beom, to assess the situation. Additionally, Commerce Secretary Kim Jung-kwan, who is currently in Canada, plans to travel to the U.S. for direct talks with U.S. Secretary of Commerce Gina Raimondo.