Finance chief vows swift preparation of US investment bill
Finance Minister Koo Yun-cheol speaks during a parliamentary audit in Seoul, Thursday. Yonhap
Finance Minister Koo Yun-cheol on Thursday pledged to swiftly propose a special bill to promote investment in the United States, after the two countries agreed on the specifics of Seoul's $350 billion investment package as part of a trade deal.
The agreement was reached during President Lee Jae Myung's summit with U.S. President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju, North Gyeongsang Province, the previous day.
"The conclusion of the Korea-U.S. tariff negotiations will ease uncertainties surrounding exports to the U.S. and help secure tariff rates equivalent to those of major economies such as Japan and the European Union," Koo said during a parliamentary audit.
Koo added that the government is preparing a special act that would establish a fund to encourage investment in the U.S. and will work to have it submitted to the National Assembly as quickly as possible.
"We aim to submit the bill in November so that it can be applied starting Nov. 1," he said. If the government submits the bill as planned, U.S. tariffs on domestic products are expected to be reduced to 15 percent retroactively from the month of submission, according to the finance ministry.
When asked whether additional negotiations on semiconductors and steel were possible, Koo noted that the current tariff on steel stands at 50 percent.
"That issue will need to be further discussed with the U.S., but for now, it remains unresolved," he said.
His remarks came after U.S. Commerce Secretary Howard Lutnick said that semiconductor tariffs were not included in the trade deal with Korea. In a social media post, Lutnick outlined details of the agreement, suggesting some differences from Seoul's initial explanation after the two countries finalized the structure of the deal.