Korea will 'actively' explain commitment to US on trade deal implementation: finance chief
Finance Minister Koo Yun-cheol speaks during a meeting of economy-related ministers at the government complex in Seoul, Wednesday. Yonhap
Finance Minister Koo Yun-cheol said Wednesday that the government will "actively" explain to the United States its commitment to implementing the countries' trade agreement amid renewed concerns over potential tariff hikes.
Koo's remarks came after U.S. President Donald Trump announced plans to raise "reciprocal" tariffs and other duties on Korea to 25 percent from 15 percent, citing delays in Seoul's legislative process related to the agreement.
"Going forward, we will continue to communicate and cooperate closely with the National Assembly while actively explaining to the U.S. side our commitment to implementing the tariff agreement," Koo said while presiding over a meeting of economy-related ministers.
Under the deal struck in late July and finalized months later, Seoul has committed to investing $350 billion in the United States, among other pledges, in return for Washington's lowering of reciprocal tariffs and auto, lumber and pharmaceutical duties to 15 percent from 25 percent.
As part of the deal, the Korean government has sought to submit a special bill aimed at promoting investment in the U.S., yet the legislation remains pending in parliament.
"Yesterday, we requested the National Assembly's cooperation regarding the special bill on U.S. investment," Koo added.
In a more positive sign, Trump later said that his administration and Korea will find a solution to the issue.
"We will work something out with Korea," he said during a press availability at the White House, responding to a question about whether he would increase tariffs on Korea.