Ruling Party Vows to Submit Special Act on US Investment Within This Month

(Seoul=Yonhap Infomax) Nam Kyoung Hwang – The Democratic Party of Korea (DPK) has reiterated its commitment to introduce a Special Act on Investment in the United States, a follow-up measure to the South Korea-US tariff negotiations, within November.

Kim Hyun-jung, floor spokesperson for the DPK, told reporters after a policy coordination meeting at the National Assembly on the morning of the 20th, "The special act will be retroactively applied from the first day of the month it is submitted to the National Assembly, so it must be submitted within November."

Kim added, "A delay is estimated to result in losses of about 400 billion won ($307 million) per month," emphasizing, "We will definitely submit it within this month. However, regarding its passage, since the disadvantages related to the tariff negotiations will be eliminated upon submission and the People Power Party currently opposes it, immediate bipartisan agreement seems unlikely."

She continued, "Nevertheless, since the bill has already been submitted in the interest of our national interest, there will be no damages related to national interest. We believe it is acceptable to proceed with discussions between the ruling and opposition parties regarding the bill's passage."

Kim further explained, "If the government were to submit the bill, it would take more than six months. Submitting it as a legislative initiative by lawmakers is a clear and faster process."

Previously, the government stated that if the Special Act on Investment in the United States, a follow-up to the South Korea-US tariff negotiations, is submitted within this month, it will notify the US government, which will then issue an administrative order to retroactively apply the tariffs from the first day of the submission month, i.e., November 1.

According to the presidential office, if the special act is not submitted and tariffs are not retroactively applied, Hyundai Motor Co. and Kia Corp. would face additional tariffs of approximately 300 billion won ($230 million) per month in the automotive sector alone.

nkhwang@yna.co.kr

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