South Korea: Congress swiftly approves investment bill for the U.S., potentially exempting from 25% tariff hike.

South Korea's Minister of Trade, Industry and Energy, Kim Jong-gwan, said on Sunday that if the National Assembly of South Korea passes the investment bill requested by the United States as scheduled next week, the United States is highly unlikely to impose tariffs on South Korea.

Previously, U.S. President Donald Trump threatened to impose a 25% tariff on South Korean goods exported to the United States, citing South Korea's delay in fulfilling its commitment to invest $350 billion in the United States under last year's trade agreement. The two countries subsequently began negotiations.

After meeting with U.S. Secretary of Commerce Lutnick, Kim Jong-gwan stated in a televised address: "The United States expressed gratitude for South Korea's plan to soon approve the U.S. Investment Act. To my understanding, if the agreed-upon content of the agreement is implemented, the United States will not formally announce an increase in tariffs."

On Wednesday, the floor leader of South Korea's ruling Democratic Party stated that the party will vote on a special bill on March 12 to promote the implementation of investment commitments to the United States under the framework of the South Korea-U.S. Trade Agreement.