Minister Kim Jeonggwan Meets U.S. Commerce Secretary, Affirms Commitment to Special Act on U.S. Investment

"Clarifying Misunderstandings on Legislative Delays
and Requesting Restraint on Tariff Hikes"

Yonhap News

Minister of Trade, Industry and Energy Kim Jeonggwan met with U.S. Secretary of Commerce Howard Lutnick to respond to the threat of renewed U.S. tariff hikes.

According to the Ministry of Trade, Industry and Energy, Minister Kim met with Secretary Lutnick at the U.S. Department of Commerce building in Washington, D.C. at around 5 p.m. (local time) on the 29th to discuss the implementation of trade and investment agreements between South Korea and the United States.

Minister Kim arrived in the United States the previous night via Dulles International Airport near Washington, D.C. Speaking to reporters at the airport, he said, "I will make sure to clearly explain the progress of domestic legislation to avoid any misunderstandings, and I will faithfully convey that the Korean government's stance on cooperation and investment with the United States remains unchanged." Upon arriving at the Department of Commerce building, he briefly commented, "I will do my best."

During this meeting, Minister Kim is expected to emphasize the Korean government's commitment to faithfully implementing U.S.-related investments agreed upon with the United States, including the Special Act on Investment in the United States.

Previously, President Donald Trump announced on the 26th that he would raise item-specific and country-specific reciprocal tariffs on Korean automobiles, timber, pharmaceuticals, and other goods back to the pre-trade agreement level of 25 percent. He cited the fact that the Special Act on Investment in the United States, which South Korea promised as a condition for tariff reductions, has not passed the National Assembly.

However, there is an interpretation that the United States is mainly seeking to pressure the pace of Korea's implementation of U.S.-related investments, as the tariff reduction agreement was reached with just the introduction of the Special Act on Investment in the United States in the National Assembly, and the trade agreement does not specify a legislative deadline.