Ruling party set to propose special bill to facilitate investment in US under tariff deal

The ruling Democratic Party of Korea (DPK) was set to propose a special bill Wednesday to support Korea's investment pledge in the United States under a tariff deal that was finalized last month, officials said. The bill, set to be introduced by DPK floor leader Rep. Kim Byung-kee, is expected to outline the installation of a special fund to facilitate the investment. Under the terms finalized during President Lee Jae Myung's meeting with U.S. President Donald Trump in Gyeongju, Seoul will provide $200 billion in cash installments, along with an additional $150 billion earmarked for bilateral cooperation in shipbuilding. Once the bill is submitted, U.S. tariffs on Korean autos are expected to be reduced to 15 percent from the current 25 percent, and the reduction will also apply retroactively to the month of submission. While the DPK has moved quickly to submit the bill this month, Kim said Tuesday it would undergo a thorough review to reflect demands from Korean businesses. Meanwhile, Rep. Huh Young, a senior deputy floor leader of policy affairs for the DPK, dismissed the main oppositioWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times