SEOUL, March 12 (AJP) - A bill outlining South Korea's massive investment pledges to the U.S. was passed at a plenary session in the National Assembly on Thursday.
Of the 242 lawmakers present, 226 voted in favor, eight against and another eight abstained, clearing the way for South Korea's pledges to invest US$350 billion in the U.S. as part of a broader trade deal reached between the two countries last fall.
The bill would provide a legal framework to establish a fund for implementing bilateral agreements with the U.S., along with investment pledges that include $150 billion for shipbuilding and $200 billion for other key strategic sectors such as semiconductors, critical minerals, energy, and artificial intelligence.
The bill's passage with bipartisan support comes just months after U.S. President Donald Trump threatened in January to raise reciprocal tariffs on South Korea from 15 percent back to 25 percent, complaining about delays in Seoul's legislative process for the trade deal.
But much still remains to be worked out, and it may be a long and tough road ahead before details are finalized through further negotiations, as things become complicated after the U.S. Supreme Court struck down Trump's sweeping global tariffs policy late last month.
Of the 242 lawmakers present, 226 voted in favor, eight against and another eight abstained, clearing the way for South Korea's pledges to invest US$350 billion in the U.S. as part of a broader trade deal reached between the two countries last fall.
The bill would provide a legal framework to establish a fund for implementing bilateral agreements with the U.S., along with investment pledges that include $150 billion for shipbuilding and $200 billion for other key strategic sectors such as semiconductors, critical minerals, energy, and artificial intelligence.
The bill's passage with bipartisan support comes just months after U.S. President Donald Trump threatened in January to raise reciprocal tariffs on South Korea from 15 percent back to 25 percent, complaining about delays in Seoul's legislative process for the trade deal.
But much still remains to be worked out, and it may be a long and tough road ahead before details are finalized through further negotiations, as things become complicated after the U.S. Supreme Court struck down Trump's sweeping global tariffs policy late last month.
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