A special act on investment in the United States containing follow-up measures after the Korea-U.S. tariff negotiations passed the National Assembly plenary session on the 12th.
The ruling and opposition parties held a National Assembly plenary session that day and handled the Special Act on the Operation and Management of Strategic Investment between the Republic of Korea and the United States (Special Act on Investment in the United States). It was approved with 226 in favor, eight against, and eight abstentions out of 242 present.
The Special Act on Investment in the United States is a law that sets out specific provisions for an investment in the United States totaling $350 billion (about 518 trillion won). Its main elements are to establish the Korea-U.S. Strategic Investment Corporation to oversee the investment and to create the Korea-U.S. Strategic Investment Fund.
The bill was introduced in Nov. last year by lawmaker Kim Byung-kee, who was then the Democratic Party floor leader. Although it was difficult to reach a bipartisan agreement and discussions stalled, recent remarks by President Trump about raising tariffs added momentum to the National Assembly deliberations. Even while the ruling and opposition parties were locked in political strife over the three judicial reform bills, they agreed to pass this bill.
However, despite the National Assembly's passage of the Special Act on Investment in the United States, the United States has launched a Section 301 investigation under its trade law against major trading partners including Korea, and uncertainty over trade with the United States remains.