Plenary Sessions of Planning and Finance, and Trade, Industry Committees Held
People Power Party Focuses Its Efforts for a Political Turnaround
While both the ruling and opposition parties are assigning significance to the conclusion of the Korea-US tariff negotiations, they are displaying differing views regarding the details. The People Power Party is focusing on verifying issues such as the conditions for investment in the United States and the opening of the agricultural market. Meanwhile, the Democratic Party maintains that, since the final negotiations are still pending, the disclosure of detailed information should be approached with caution.
On August 6, the National Assembly's Planning and Finance Committee and the Trade, Industry, Energy, SMEs and Startups Committee held plenary meetings to address questions about the Korea-US tariff negotiations. Attending from the government were Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul and Minister of Trade, Industry and Energy Kim Jungkwan. The chairs of both the Planning and Finance Committee and the Trade, Industry, Energy, SMEs and Startups Committee are held by members of the People Power Party.
Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul is responding to questions regarding current issues in tariff negotiations with the United States at the Planning and Amendment Committee plenary meeting held at the National Assembly on August 6, 2025. Photo by Kim Hyunmin
Lim Ija, chair of the Planning and Finance Committee, stated, "There is no publicly known information about the methods or timing of investment in the United States, or the explanations from our side and the US side differ," adding, "Since public concerns about losing Free Trade Agreement (FTA) status persist, we need to address these uncertainties." Lee Chulgyu, chair of the Trade, Industry, Energy, SMEs and Startups Committee, also emphasized, "Since the imposition of tariffs could lead to weakened industrial competitiveness, it is necessary to prepare countermeasures."
The Democratic Party believes that responses should take into account the reality that the Korea-US summit is imminent. Kim Youngjin, a Democratic Party lawmaker and secretary of the Planning and Finance Committee, urged, "In a situation where the final negotiations have not been concluded, the government’s position or the details of the negotiations being specifically announced should be carefully considered, as it could affect the upcoming Korea-US summit or the final negotiations."
The People Power Party is using the tariff negotiation issue as a potential political turning point, especially as it faces challenges in handling major economic bills such as the Commercial Act amendment and the Yellow Envelope Act, where it has been on the defensive against the ruling party.
As part of this strategy, senior members of the People Power Party?including Policy Committee Chair Kim Jungjae, Chief Deputy Floor Leader Yoo Sangbeom, Deputy Policy Committee Chair Kim Eunhye, and Chief Spokesperson Kwak Gyutaek?visited Hyundai Motor's Ulsan plant on the morning of August 6. Kim Jungjae expressed concern, saying, "The automobile industry, which held a comparative advantage over Japan and the European Union (EU), now faces unlimited competition due to the 15% tariff. The government is praising itself for the tariff negotiations, but on the ground, I fear there may be tears of blood." The People Power Party also plans to invite representatives from the automobile industry and experts to the National Assembly on the afternoon of August 6 to seek concrete countermeasures.
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