@@@
Lim Lee-ja, chairwoman of the National Assembly’s Finance and Economy Committee, is holding a background briefing at the National Assembly on Tuesday regarding U.S. President Donald Trump’s mention of raising tariffs 2026.1.27 / News1
The National Assembly’s Finance and Economy Committee of the People Power Party criticized U.S. President Donald Trump’s mention of a potential 25% tariff increase on Tuesday.
Committee Chairwoman Lim Lee-ja stated that Deputy Prime Minister for Economy Koo Yoon-cheol completely failed to grasp why this situation has arisen, labeling it a diplomatic disaster.
After a briefing from the Ministry of Economy and Finance, Lim told reporters that she suggested it holds an urgent inquiry tomorrow (Wednesday), but Deputy Prime Minister Koo claims he has nothing to respond with, even if it does.
Lim expressed frustration, questioning that if Minister Kim Jung-kwan of the Ministry of Trade, Industry and Energy is traveling to the U.S. to understand the situation by this weekend, then what was the Prime Minister doing during his visit to the U.S.? She added that how can such a situation arise right after the Prime Minister returns? What is going on with the diplomacy?
She continued that the Ministry of Finance currently has no understanding of why President Trump suddenly brought up the 25% tariff again, noting that Minister Kim will only start to understand the situation after meeting with U.S. Secretary of Commerce Gina Raimondo, which leaves us feeling quite frustrated.
Minister Kim plans to travel to the U.S. on Thursday after completing his schedule in Canada to consult with Secretary Raimondo.
Regarding the special legislation on U.S. investment, Lim stated that the People Power Party believes that ratification should come first, while the Democratic Party insists on pushing the special legislation forward. She emphasized that the leadership of both parties must clarify their discussions on this matter.
She further insisted that it needs to convene the entire committee to sort this out, stressing that this issue relates to national interests. She urged lawmakers from both parties to review the details carefully and handle the legislation properly, rather than pushing it through unilaterally.
Earlier, reports indicated that the U.S. sent a letter two weeks ago urging the implementation of trade agreements outlined in the joint fact sheet signed in November. People Power Party member Park Soo-young confirmed that it is correct that it received the letter two weeks ago, but it did not directly mention delays in tariff negotiations. It was a communication regarding tax exemptions being delayed in the scientific and technological cooperation process. Park added that he had requested the original letter.
In response, Lim commented that she suspects changes began at that point, expressing doubt that the government had been too complacent to recognize such developments.
Park asserted that the government’s overall diplomatic capabilities have significantly declined, and the U.S.-South Korea alliance seems to be nearly hollowed out. It added that the President blames the National Assembly, but neither the Ministry of Finance nor the ruling party has called for the swift passage of this legislation.
He criticized that the Prime Minister visited the U.S. last week, boasting about establishing a hotline and claiming he understood issues related to Coupang and Pastor Son Hyun-bo. Yet, the very next day, it faced a setback, which constitutes a diplomatic disaster.
He remarked that the Deputy Prime Minister’s lack of knowledge reflects the overall diplomatic capability of the Lee Jae Myung administration. What is the U.S. Ambassador doing? This incident clearly illustrates the collapse of this government’s diplomatic capabilities.
The briefing originally aimed to seek cooperation from the Deputy Prime Minister regarding bills to be addressed in the February extraordinary session, but the discussion expanded to include President Trump’s tariff remarks that emerged that morning.
The meeting included Chairwoman Lim, member Park, and the floor leader of the Reform Party, Cheon Ha-ram. Initially, both party secretaries were expected to participate, but Democratic Party Secretary Jung Tae-ho could not attend due to his commitment at the funeral of former Prime Minister Lee Hae-chan.
Previously, President Trump stated on his social media platform, Truth Social that he will increase tariffs on cars, timber, pharmaceuticals, and all other reciprocal tariffs from 15% to 25% because the Korean National Assembly has not legislated the historic trade agreement.
Last year, the U.S. and South Korea had agreed to reduce reciprocal tariffs and item tariffs on automobiles from 25% to 15% through tariff and security negotiations.