South Korea’s Industry Minister Kim Jung-kwan stated on Sunday that the United States is unlikely to increase tariffs on South Korea if the National Assembly approves a special bill related to Seoul’s $350 billion US investment commitment.
Minister Kim addressed reporters at Incheon International Airport, located west of Seoul, following his trip to the US. During his visit, he met with Commerce Secretary Howard Lutnick and other officials to discuss tariff concerns and other crucial bilateral trade issues between South Korea and the United States.
“During my meeting with Secretary Lutnick, I detailed the special investment bill expected to be passed by the National Assembly next week. The US side responded very positively, expressing their appreciation for this initiative,” Kim told reporters.
“I was informed that if the bill is passed, or if South Korea fulfills its commitments related to trade negotiations between Seoul and Washington, actions like publishing tariff hikes in the Federal Register are unlikely to occur,” he added.
In January, former US President Donald Trump threatened to impose “reciprocal” tariffs, raising duties on automobiles, lumber, and pharmaceuticals from South Korea to 25 percent from the existing 15 percent. This threat was attributed to delays in the parliamentary approval of the investment bill.
The bill is widely anticipated to pass on Thursday, in accordance with a trade agreement with Washington.
