Special Committee on Investment in the U.S. Starts Work...Outlook 'Cloudy' amid Ruling Party's Push for Legislation

On the 24th, the National Assembly held a legislative hearing on the Special Act on Investment in the United States, even though the U.S. Supreme Court ruled that reciprocal tariffs were illegal. However, the confrontation between the ruling and opposition parties over the three judicial reform bills is expected to affect the process of handling the Special Act on Investment in the United States.

Prime Minister Kim Minseok and other cabinet members attended the plenary session at the National Assembly on Feb. 9 to observe the passage of the "Proposal to Establish a Special Committee to Handle the Special Act on Investment in the United States." 2026.2.9 Photo by Kim Hyunmin

The Special Committee of the National Assembly for the Handling of the Special Act on Investment in the United States held a legislative hearing at the National Assembly that day, inviting experts and collecting opinions from various sectors. The hearing was attended as witnesses by Seo Eunjong, Head of BNP Paribas Seoul Branch, Professor Heo Jeong of Sogang University, Professor Kim Yanghee of Daegu University, and Professor Jung Ingyo of Inha University.

Earlier that day, members of the special committee from the People Power Party held a breakfast meeting with business leaders. Sung Kim, President of Hyundai Motor Group, called for a swift review of the bill, saying, "Now that reciprocal tariffs have been nullified, pressure to raise tariffs item by item may increase," and added, "If tariff rates go up, this year we will have to bear an even larger tariff burden than last year (720 billion won)."

After wrapping up the legislative hearing, the special committee will proceed with referring the bill to the committee, forming a subcommittee, and reviewing the bill. The target date for passing the bill is March 9. However, as the political climate cools, the outlook is not bright. The special committee is chaired by Assemblyman Kim Sanghoon of the People Power Party.

It appears that even the referral of the bill and the formation of the bill subcommittee, which had been scheduled for the day, will be pushed back. Assemblyman Park Sooyoung, the opposition secretary of the special committee, said, "The founding spirit of the special committee is bipartisan cooperation between the ruling and opposition parties, but the ruling party's conduct of the plenary session is shaking that foundation." Han Byungdo, floor leader of the Democratic Party of Korea, criticized, saying, "Chairman Kim unilaterally put off the attendance of the relevant ministers," and called it "an unimaginable act of betrayal of the nation."