Democratic Party Urges Bipartisan Cooperation from People Power Party on Trump's Tariff Hike, Proposes Special Act Agreement

Ruling Party: "The Procedure Mentioned by Trump Appears to Be the Special Act for U.S. Investment"
Planning and Finance Committee Expected to Begin Bill Review Early Next Month

Regarding U.S. President Donald Trump's announcement of tariff increases due to delays in follow-up legislation on the tariff agreement, the Democratic Party of Korea has requested bipartisan cooperation from the People Power Party. The Democratic Party also stated its intention to seek bipartisan agreement on the "Special Act for Strategic U.S.-Korea Investment Management."

On the 27th, Democratic Party spokesperson Kim Hyunjung said in a briefing, "President Trump has announced that tariffs on Korean products will be raised from 15% to 25%, citing the fact that the Korean National Assembly has not completed the follow-up legislative procedures to implement the agreement. The procedure President Trump referred to appears to be the Special Act for Strategic U.S.-Korea Investment Management."

Spokesperson Kim explained, "There are already five related bills introduced in the National Assembly, and they are scheduled to be reviewed soon by the relevant standing committee, the Planning and Finance Committee. Since both the Democratic Party and the People Power Party have introduced these bills, we should be able to accelerate the passage of the legislation." She added, "What is needed now is to quickly confirm the intent and facts of the U.S. statements and correct any misunderstandings. Since President Trump has not specified the timing of the tariff increase, the key issue is how quickly we can establish the follow-up legislative and support systems, such as the special act, to implement the U.S.-Korea agreement."

She emphasized, "The essence of politics is the livelihood of the people, and the goal should be the national interest. This is a time when the government and both parties in the National Assembly must join forces," adding, "We look forward to bipartisan cooperation from the People Power Party."

Earlier, after a closed-door party meeting, Spokesperson Kim told reporters, "The special act is an issue that should be handled through bipartisan agreement. We plan to coordinate with the government to proceed with the schedule promptly." She continued, "We will work to ensure that the bill is reviewed according to the legislative schedule of the National Assembly's Planning and Finance Committee."

Donald Trump, President of the United States Photo by Reuters Yonhap News

On this day, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol plans to report to Democratic Party Policy Committee Chairperson Han Jeongae at 3:30 p.m., and then proceed with reporting procedures to Planning and Finance Committee Chairperson Lim Ija (from the People Power Party) and the bipartisan committee secretaries.

The Democratic Party and the government held a party-government consultation meeting with the Planning and Finance Committee in the morning. Committee secretary Jung Taeho stated, "We will begin the process of reviewing the special act as scheduled in February. The committee will convene a plenary session in the first week of next month to discuss the matter."

Meanwhile, Assemblyman Jung added, "There could be a practical request through diplomatic channels to expedite the passage of the bill, but there has been no such request. We need to determine why President Trump made these remarks."