Photo : YONHAP News
The presidential office says U.S. President Donald Trump’s declaration to raise tariffs on South Korean products back to 25 percent was apparently made out of frustration over a delay in parliament of handling a legislation required to implement Seoul’s U.S. investments pledged under their bilateral trade agreement.
The top office’s director of national policy, Kim Yong-beom, revealed the assessment on Wednesday during a meeting with reporters, saying Trump’s words are not directed at the South Korean government.
Kim said Washington’s dissatisfaction appears to be stemming from the legislative delay in the National Assembly, adding that the U.S. is well aware that steps to actualize Seoul’s U.S. investment pledges can begin once parliament approves the Special Act on the Management of Strategic Investment between South Korea and the United States.
Kim added that the top office believes Washington’s expectations to swiftly launch investment projects are embedded in Trump’s latest remarks.
The official said the Special Act on the Management of Strategic Investment between South Korea and the United States was submitted to parliament at the end of November of last year, adding that discussions on the bill are set to begin next month.
Kim said the government will exert best efforts for such discussions to take place in February, adding that trade minister Kim Jung-kwan will explain such a stance in detail when he meets U.S. Secretary of Commerce Howard Lutnick in the U.S.