SEOUL (Reuters) -South Korea’s ruling Democratic Party will propose a bill this week that would facilitate the country’s investment in the U.S. under a deal that cuts tariffs on the country’s exports, financial news service Money Today reported on Tuesday. The Democratic Party agreed with the South Korean government to introduce the bill on November […]
Business
South Korea ruling party to propose bill for US investment under tariff deal, report says
Audio By Carbonatix
SEOUL (Reuters) -South Korea’s ruling Democratic Party will propose a bill this week that would facilitate the country’s investment in the U.S. under a deal that cuts tariffs on the country’s exports, financial news service Money Today reported on Tuesday.
The Democratic Party agreed with the South Korean government to introduce the bill on November 26, it reported. No further details were immediately available.
The two countries on November 14 announced the details of implementing the deal reached by their presidents in late October that would lower U.S. import duties on South Korean goods from 25% to 15%.
South Korea agreed to invest a total of $350 billion in strategic industries in the U.S. in return.
The U.S. tariff cut goes into effect retroactively on the first of the month in which a bill is introduced to the South Korean parliament to structure the investment, the country’s Industry Minister Kim Jung-kwan has said.
(Reporting by Jack Kim, Hyunjoo JinEditing by Ed Davies)