PPP to Pursue 'K-Steel Act' as Party Policy... "50% Tariff Blow to Steel Industry Inevitable"

Emergency Committee Meeting Held in Busan During Second Joint Speech Session
Pledges to Support Steel, Secondary Batteries, and Artificial Intelligence

The People Power Party announced on August 12 that it will officially pursue the so-called 'K-Steel Act' and the Korean version of the IRA (Inflation Reduction Act) as party policy.

Song Eon-seok, the interim leader and floor leader of the People Power Party, stated at an on-site emergency committee meeting held at BEXCO in Haeundae-gu, Busan, "As a result of recent tariff negotiations with the United States, it has become inevitable that key export industries in the Busan, Ulsan, and South Gyeongsang (Bu-Ul-Gyeong) region, such as automobiles and steel, will be hit hard." He added, "We will significantly expand domestic production tax incentives to encourage companies to manufacture within Korea."

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Song pledged, "We will push for the 'K-Steel Act' as official party policy to provide practical support to the steel industry, which is now subject to a 50% high tariff, so that it can alleviate the burden of expanding research and development and production facilities for low-carbon transition."

In addition, the People Power Party will also pursue the Korean version of the IRA as party policy to support national strategic technology industries such as secondary batteries, artificial intelligence, and next-generation transportation. Plans include expanding tax incentives and introducing direct subsidies.

Song pointed out, "For the past half-century, the Bu-Ul-Gyeong region has been the heart of the Korean economy and the forward base for exports," and added, "Recently, there have even been self-deprecating concerns that the region might become Korea's Rust Belt."

Regarding the inclusion of former Minister Cho Kuk, ex-leader of the Cho Kuk Innovation Party, in the Liberation Day special pardon list, Song criticized, "It is absurd and regrettable to see speculation about former Minister Cho running for Busan mayor next year," and added, "The very fact that he was pardoned is an act that mocks both the people and the citizens of Busan."