South Korea's ruling Democratic Party and main opposition People Power Party agreed to expedite passage of a special US investment bill in the national interest. The legislation, aimed at implementing a trade deal with the United States, is set for a vote in a plenary session on March 12. The agreement comes amid threats from US President Donald Trump to raise tariffs on Korean goods.
On March 4, 2026, Trade Minister Yeo Han-koo urged the National Assembly during a meeting hosted by the Korea-U.S. parliamentary union in Seoul to pass a special bill implementing South Korea's investment package for the United States by March 9 as scheduled. Yeo emphasized the bill's importance for stable trade ties with Washington amid global uncertainties, including the U.S. Supreme Court's decision to strike down President Donald Trump's reciprocal tariffs. "The National Assembly's timely passage of the bill is extremely important," Yeo said, noting the key role of parliament in U.S.-Korea relations, where Congress holds primary authority over trade unlike in Korea.
The bill, introduced by the ruling party in November 2025, outlines procedures for Seoul's $350 billion investment commitments from summit talks between President Lee Jae-myung and Trump. It includes establishing a strategic investment fund and implementing memorandums of understanding. The push for swift passage follows Trump's January threat to raise tariffs on Korean goods from 15% to 25%, citing delays in Seoul's legislative process.
Later that day, the ruling Democratic Party of Korea (DPK) and main opposition People Power Party (PPP) agreed during National Assembly talks to complete bill review by March 9 and vote on it in a plenary session on March 12 at the latest. DPK Rep. Cheon Jun-ho told reporters, "If things proceed as planned, the bill will be submitted and put to a vote on March 12." PPP Rep. Yoo Sang-beom added that the decision considered the national interest amid the turbulent international situation from the U.S.-Iran war, warning of strong U.S. retaliatory measures if delayed.
A bipartisan delegation from the Korea-U.S. parliamentary union is expected to visit Washington, D.C., later this month for further discussions. The parties, however, failed to resolve differences over proposed mergers between Daejeon and South Chungcheong Province, and between Daegu and North Gyeongsang Province.
