Rival parties agree to pass bill this week to clear way for US investment under trade deal

By Song Seung-hyun Posted : March 4, 2026, 17:11 Updated : March 4, 2026, 17:12
Cheon Jun-ho (right) of the ruling Democratic Party (DP) and Yoo Sang-bum of the main opposition People Power Party shake hands during a meeting at the National Assembly in Seoul on March 4, 2026. Yonhap
SEOUL, March 4 (AJP) - A bill outlining South Korea's massive investment pledges to the U.S., a follow-up measure to a tariff-related deal between the two countries is expected to pass at the National Assembly later this week.

Lawmakers from the ruling Democratic Party (DP) and the main opposition People Power Party (PPP) met on Wednesday to discuss the bill and agreed to put it to a vote at a parliamentary session on Thursday.

"If all goes as planned, we expect the bill to pass," the DP's Cheon Jun-ho told reporters. "We put the broader national interest first, mindful that further delays could invite even harsher U.S. tariff measures," said the PPP's Yoo Sang-beom.

In January, U.S. President Donald Trump threatened to raise reciprocal tariffs on South Korea back to 25 percent from 15 percent, complaining about delays in Seoul's legislative process for the trade deal that was reached during his visit to South Korea last fall.

Meanwhile, the two rival parties failed to reach a consensus on another bill to merge several central and southern provinces including Daejeon and Daegu, as each side weighs what advantages it might gain ahead of local elections slated for early June.
Song Seung-hyun

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