"No trade deal with South Korea until the Korea-U.S. investment bill passes"

After Trump, the U.S. Treasury piles on pressure

U.S. Treasury Secretary Scott Bessent said on the 28th (local time) that there would be "no trade deal with South Korea" until South Korea’s National Assembly passes a special bill on investment in the United States.

In an interview with CNBC that day, asked what signal President Donald Trump’s threat to raise tariffs on South Korea sends to other countries, Bessent replied, "It’s just telling them to sign the agreement," making the remark.

Asked whether South Korea would face a 25% tariff until the (National Assembly’s) approval of the special U.S. investment bill is completed, he said, "I think it helps move things forward." The South Korean government moved to appease Washington. Late on the night of the 28th local time, Kim Jung-kwan, minister of Trade, Industry and Energy, who traveled from Canada to the United States, told reporters upon arrival at Dulles International Airport near Washington, D.C., that he plans to meet U.S. Commerce Secretary Howard Lutnick on the afternoon of the 29th (the morning of the 30th Korea time) for talks to gauge Washington’s intentions.

Kim said, "I understand that the (U.S. government) is dissatisfied, for now, with the progress of domestic legislation (the special bill on investment in the United States). President Trump said so as well, and (after President Trump’s tariff remarks) I contacted Secretary Lutnick once in the meantime, and he had that view."

Lutnick is also said to have taken the stage as a speaker that evening at the 'Lee Kun-hee Collection' gala event hosted by Samsung Group in Washington, D.C., stressing the position that "it must be approved by the National Assembly."

Washington, D.C. = Lee Sang-eun, correspondent selee@hankyung.com