South Korea to Proceed with US Investment Bill Despite Trump Tariff Ruling

"(The ruling) does not seem to constitute a requirement that can cancel South Korea's investments to the United States," said Rep. Kim Sang-hoon of the opposition People Power Party (PPP), who also heads a special committee on the legislation.

"We plan to carry out the hearing as planned and check the government's position" on the ruling, he added.

Lawmakers from the ruling Democratic Party (DP) also expressed intent to push forward with the legislation as scheduled, saying the agreement with Washington is still intact.

"No changes in schedule are expected on processing the special bill on South Korea's investment pledges to the U.S.," a key official from the DP said in a call with Yonhap News Agency.

"We plan to calmly review the legislation"

The minor Jinbo Party, in contrast, called for an immediate halt to all procedures to process the investment bill.

Earlier this month, the National Assembly passed a resolution to form a parliamentary special committee to fast-track legislation on South Korea's $350 billion investment pledge to the US, following a trade deal reached between Seoul and Washington.

The move came after President Trump threatened to raise tariffs against South Korea back to 25 per cent from the 15 per cent level agreed earlier, citing delays in Seoul's legislature.

The committee opened its first meeting on February 12 but was halted shortly after, as rival parties clashed over unrelated judicial reform bills approved a day earlier.

A hearing on the legislation is scheduled for next Tuesday. Rival parties plan to process the bill at a plenary session on March 5. The special committee will remain active until March 9.

- IANS