Officials say Washington reacted positively as Seoul moves to pass law supporting outbound investment flows

South Korea’s industry minister said Washington signaled it is unlikely to raise tariffs on Korean goods if Seoul moves ahead with legislation supporting outbound investment in the U.S., following meetings with senior U.S. officials during a visit to Washington.

Industry Minister Kim Jung-kwan said he explained to U.S. Commerce Secretary Howard Lutnick that South Korea’s National Assembly is expected to pass the Special Act on Investment in the U.S. next week. According to Kim, U.S. officials responded positively and indicated that if the law passes and existing bilateral commitments are implemented, there would likely be no move to publish new tariff measures targeting Korean exports.

South Korea’s industry minister said Washington signaled it is unlikely to raise tariffs on Korean goods if Seoul moves ahead with legislation supporting outbound investment in the U.S., following meetings with senior U.S. officials during a visit to Washington.

Industry Minister Kim Jung-kwan said he explained to U.S. Commerce Secretary Howard Lutnick that South Korea’s National Assembly is expected to pass the Special Act on Investment in the U.S. next week. According to Kim, U.S. officials responded positively and indicated that if the law passes and existing bilateral commitments are implemented, there would likely be no move to publish new tariff measures targeting Korean exports.

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