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 President Donald Trump's announcement of a tariff increase due to delays in follow-up legislation on tariff negotiations, the Democratic Party of Korea has requested bipartisan cooperation from the People Power Party. The Democratic Party also stated its intention to pursue bipartisan agreement on the "Special Act for Strategic Investment Management between South Korea and the United States."

On January 27, Democratic Party spokesperson Kim Hyunjung stated in a briefing, "President Trump of the United States has announced that he will raise tariffs on Korean products from 15% to 25%, citing the fact that the Korean National Assembly has not completed the follow-up legislative process necessary to implement the agreement as the reason." Kim continued, "The procedure President Trump referred to appears to be the Special Act for Strategic Investment Management between South Korea and the United States."

Spokesperson Kim added, "There are already five related bills submitted to 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 expect the legislative process to accelerate." She went on to say, "What is needed now is to quickly verify the intent and facts behind the U.S. remarks and correct any misunderstandings. Since President Trump did not specify the timing of the tariff increase, the key issue is how quickly we can establish follow-up legislation and support systems, such as the Special Act, to implement the agreement between South Korea and the United States."

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

Earlier, after a closed-door party strategy meeting, spokesperson Kim told reporters, "The Special Act is a matter that should be handled through bipartisan agreement," adding, "We plan to coordinate with the government to proceed swiftly with the schedule." She continued, "We will push for the bill to be reviewed according to the legislative schedule of the Planning and Finance Committee."

President Donald Trump of the United States Reuters Yonhap News

On the same day, Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol plans to brief Democratic Party Policy Committee Chair Han Jeongae at 3:30 p.m., and then proceed with reporting procedures to Lim Ija, the Planning and Finance Committee Chair (from the People Power Party), as well as the ruling and opposition party secretaries of the committee.

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

Meanwhile, Representative Jeong added, "There could have been requests through diplomatic channels to expedite the passage of the bill, but there have been none. We need to determine why President Trump made such remarks."