President Donald Trump has put pressure on South Korea to reinstate mutual tariffs and automotive tariffs to 25%, citing delays in legislative action by the National Assembly. In response, both ruling and opposition parties have decided to conduct an urgent inquiry.
On Wednesday, the National Assembly’s Foreign Affairs and Unification Committee will convene to address the issue of reinstating the 25% tariffs.
Members of the People Power Party have consistently emphasized the need to prepare for U.S. investment pressures. They argue that the government ignored these warnings, resulting in a sudden notification of tariff increases from President Trump. The People Power Party is expected to intensify their criticism of the government and ruling party.
The Tuesday, Kim Seok-ki, chairman of the Foreign Affairs Committee, announced plans to conduct an in-depth inquiry with Foreign Minister Cho Hyun regarding President Trump’s statements.
The leadership of the People Power Party has continued its full-scale offensive against President Trump’s tariff increase policy.
Representative Jang Dong-hyuk, preparing to return to party duties after ending his hunger strike, criticized on Facebook: President Lee Jae Myung should stop hiding behind his aides and call President Trump. While the naive Prime Minister celebrates receiving a hotline number, the President is just angry about the legislative actions taken by the National Assembly they control. Meanwhile, a 25% tariff bomb has dropped on the wallets of the American people.
Floor Leader Song Eon-seog pointed out during a meeting that the responsibility for this entire situation lies with President Lee and the government for having signed a significant trade agreement requiring National Assembly ratification while neglecting the ratification process.
He added that since the Democratic Party proposed a special law on U.S. investment at the end of November last year, the government has made no requests regarding this matter. This proves the government was completely unprepared for the approaching situation.
Members of the People Power Party’s Foreign Affairs Committee are expected to criticize Prime Minister Kim Min-seok, who announced he had established a hotline with Vice President Pence after his visit to the U.S., calling it a futile trip. Additionally, the opposition is likely to emphasize their demand for National Assembly ratification of the 350 billion USD tariff agreement, pressuring the government and ruling party to formulate a response.
The Democratic Party is expected to reiterate its stance that National Assembly ratification is unnecessary for the U.S. tariff negotiations. They argue that the Memorandum of Understanding (MOU) is not a treaty and can be substituted with a special law.
Meanwhile, a full meeting of the National Assembly’s Finance and Economy Committee, which was anticipated to address the ongoing issues, did not take place due to a failure to reach an agreement between the parties.
Chairman Lim Lee-ja of the Finance Committee stated after receiving a report from Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol the day before that she suggested it holds an inquiry tomorrow, but Deputy Prime Minister Koo said he has no idea why this situation is occurring. He added that even if it holds an inquiry, there’s nothing they can answer.
In contrast, the Democratic Party’s Finance Committee member, Jung Tae-ho, told News1, that he has not formally received a proposal for an inquiry.
