Sung Kim, a former U.S. ambassador to Korea who now serves as president for strategy and planning at Hyundai Motor Group, on the 24th voiced concern that "with the reciprocal tariff based on the International Emergency Economic Powers Act (IEEPA) nullified, pressure to raise tariffs by item could increase." Despite the U.S. Supreme Court ruling, there was also a projection that the Trump administration would further intensify pressure on investment in the United States.
Lawmakers from the People Power Party on the special committee for investment in the United States held a breakfast roundtable at the National Assembly that morning to hear the business community's views on the special act for investment in the United States. In attendance were People Power Party lawmakers on the special committee, including Kim Sang-hun and Park Su-young, as well as key business figures.
Drawing attention in particular, Sung Kim of Hyundai Motor, who served as U.S. ambassador to Korea and has deep ties in U.S. political circles, took part. Kim called for swift passage of the special act for investment in the United States and shared the local mood in the United States.
Kim said, "Last year alone we paid 720 billion won in tariffs, and if the tariff rate rises from the current 15% to 25%, we will shoulder even larger tariffs this year," adding, "Although IEEPA was ruled unconstitutional, I believe there is a high possibility that tariffs imposed on automobiles and steel will remain in place due to Section 232 of the Trade Expansion Act."
Kim continued, "Because we do not know when the United States will move to raise tariff rates, I hope for a swift, substantive review of the bill to break through this," adding, "As much as the National Assembly has worked hard, Hyundai Motor promises to do its utmost for the development of the national economy."
At the closed-door roundtable, the warnings were even more pointed. After it ended, Rep. Park Su-young told reporters, "Sung Kim said he does not think the Trump administration will take a 'let's stop here' attitude just because IEEPA was found unconstitutional," adding, "He said that, having met government officials in the United States himself, he got the impression there is concern things could accelerate even more."
The fact that the "Super 301" (Trade Act Section 301) is being mentioned in the United States over the Coupang issue is also adding to the unease. Park said, "If the Super 301 is triggered, it could have a devastating impact on the Korean economy, so there was also talk that if we appear to be watching for cues or delay passage of the bill, industry could suffer greater damage," adding, "In particular, as Japan is speeding up its investment projects in the United States, there is concern that if we do not quickly make the law and find investment projects, Japan could preempt good projects whose business feasibility is secured."
People Power Party lawmakers conveyed these concerns and agreed on the need for swift passage of the special act for investment in the United States. But the situation at the National Assembly has become a variable, with the Democratic Party of Korea pushing through judicial reform bills.
Park said, "The public hearing scheduled for this morning will proceed as planned, but after watching whether unreasonable, conflict-stoking bills are pushed through, we will consider whether to hold the next standing committee meeting."