Seoul: The Korean government announced it will closely communicate with the United States over the ongoing legislative progress on a special bill to support Seoul's investment plans in the US, after US President Donald Trump made a surprise announcement to raise reciprocal tariffs for Korea from 15% to 25%, claiming that the Korean legislature has not yet completed the domestic process to implement the countries' bilateral trade deal.
According to Qatar News Agency, the ministry said it was also planning to ask for the assembly's cooperation for the passage of the bill in a meeting between the finance minister and the chair of the parliamentary finance committee, set to take place later in the day.
The Ministry of Trade, Industry and Resources also issued a statement, saying it is closely monitoring the situation. Industry Minister Kim Jung-kwan will visit Washington for talks on the matter, with a meeting with US Commerce Secretary Howard Lutnick being arranged, the ministry said.
The ministry will also discuss a response to Trump's move in an emergency interagency meeting to be convened by Kim Yong-beom, the presidential chief of staff for policy later in the day, it added. The Korean presidential office said it has not received any official notice or explanation from the US over Trump's tariff hike announcement.