— Bloomberg
SEOUL: South Korea will move swiftly to implement investment legislation sought by the United States, Industry Minister Kim Jung-kwan has pledged after returning from talks in America that he said helped clear up misunderstandings over tariffs.
Kim told reporters at Incheon Airport late Saturday that discussions with US officials, including Commerce Secretary Howard Lutnick, had deepened mutual understanding and clarified that Seoul had no intention of delaying or failing to implement a previously agreed tariff deal with Washington.
The minister said he met twice with Lutnick during the visit, and had explained South Korea’s position to allay concerns that Seoul had delayed introducing legislation to facilitate pledged South Korean investment in the United States.
Kim’s visit follows President Donald Trump’s warning late January that he could restore tariffs of up to 25% on imports of South Korean goods, including automobiles, timber and pharmaceuticals, citing delays in Seoul’s implementation of investment pledges linked to last year’s trade agreement.
While the US officials had expressed disappointment in the delay, Kim explained that the so-called Special Law on Strategic Investment with the United States, intended to underpin South Korea’s pledges, remains pending in the National Assembly.
Kim said he had reassured his US counterparts that the legislation would now move forward at a much faster pace, with Seoul seeking to align its understanding more closely with Washington’s. —Bloomberg
