The United States agrees to enforce 15% tariffs connected imports from South Korea nether a commercialized woody for the immense bulk of South Korean products, seen successful this photograph illustration successful Brussels, Belgium, connected August 1, 2025.
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South Korea's ruling Democratic Party said it would walk a peculiar enactment connected the U.S. commercialized woody by end- February, according to Yonhap, aft U.S. President Donald Trump threatened higher tariffs connected South Korean exports.
Earlier connected Tuesday, Trump said helium was raising tariffs connected South Korean exports to 25% from the existent 15%, citing a hold successful the country's parliament approving the Washington-Seoul commercialized woody agreed successful July past year.
Spokesperson of the ruling Democratic Party Kim Hyun-jung said Trump was apt referring to the Special Act connected Strategic Investment Management betwixt Korea and the United States, according to a Google translation of the connection successful Korean, submitted to the country's parliament past November.
The measure aims to found a state-run concern corporation to negociate Seoul's planned $350 cardinal investment pledge to Washington.
Kim said that 5 related bills person been submitted to the National Assembly, and are scheduled to beryllium reviewed, adding that "the information that some the Democratic Party of Korea and the People Power Party person projected these bills volition apt expedite their passage."
The ruling DP currently holds 162 seats successful the 300 spot National Assembly with 4 vacant seats, portion the PPP holds 107.
"What is needed present is to rapidly corroborate the intent and facts of the U.S connection and close immoderate misunderstandings," she said.
Earlier successful the day, South Korea's statesmanlike bureau said it had not received immoderate authoritative announcement oregon mentation from the U.S. regarding the announcement, according to South Korean media outlet Yonhap.
South Korea's concern ministry said that it volition support the U.S. informed connected the legislative process, portion Seoul's commercialized ministry said that manufacture curate Kim Jung-kwan volition sojourn Washington for talks connected the matter, Yonhap reported.
"It is clip for the authorities and the ruling and absorption parties successful the National Assembly to articulation forces. I look guardant to the People Power Party's bipartisan cooperation," Kim said.
South Korean automakers Hyundai and Kia plunged successful aboriginal commercialized pursuing Trump's threats, but aboriginal pared losses. Hyundai past traded 0.1% down, and Kia was down 1.16%. The broader Kospi was up 1.9%, portion the small-cap Kosdaq scale climbed 0.89%.
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