South Korea Fast-Tracks Legislation Amid US Tariff Threats

In a decisive move, South Korea's parliament has set up a special committee to accelerate legislation essential to its $350 billion investment promise in the United States. This development comes in response to President Donald Trump's sudden decision to raise tariffs on South Korean goods from 15% to 25%, citing South Korea's delay in implementing a previously agreed trade deal.

Parliamentary Speaker Woo Won-shik urged the committee to swiftly process the legislation, targeting completion by the end of February. Woo emphasized the National Assembly's determination to act promptly and responsibly, urging the U.S. to recognize South Korea's commitment to the deal.

Following Trump's tariff threat, South Korean officials have struggled to assure Washington of their sustained commitment to investing in strategic U.S. industries. Despite diplomatic efforts, including visits by South Korea's industry and trade ministers to the U.S., Seoul has received no indication of policy reversal. Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo noted that fast-tracking legislation is pivotal to averting immediate tariff implications.

The committee's formation was backed by 160 votes, with minor opposition. Comprising members from both ruling and opposition parties, the committee operates under a 30-day mandate, with an opposition member chairing.