As U.S. President Donald Trump unleashes indiscriminate tariff pressure bordering on threats, the processing of the Special Act on U.S. Investment is being derailed by blame-game politics between the ruling and opposition parties. The "Special Committee for Processing the U.S. Investment Special Act" convened on the 24th only held a public hearing, failing to even form a subcommittee, let alone submit the bill for deliberation.
While the National Assembly remains mired in political strife, external risks continue to grow. President Trump stated on his social media platform Truth Social that "any country that tries to play games through absurd court decisions will face higher tariffs." He added the commercial warning phrase "caveat emptor" (buyer beware), making clear that responsibility for breaking trade agreements lies with the other party. This is a threat to immediately impose retaliatory tariffs on countries deemed to be obstructing investment in the U.S. The Trump administration enacted a 10% global tariff under Section 122 of the Trade Act that day and is pursuing an additional 15% increase.
As tariff risks enter a new phase, the trade environment surrounding Korea is anything but favorable. If the U.S. invokes Section 301 of the Trade Act to launch an unfair trade practices investigation, Korea, which has maintained non-tariff barriers, has nothing to gain. Following issues with the Online Platform Act and the prohibition on Google Maps data export, the U.S. is also intensifying pressure to open agricultural markets including rice and beef, citing Asian overproduction. The Coupang issue is another variable. The possibility cannot be ruled out that the closed-door testimony of Coupang Korea's representative before the U.S. House of Representatives could escalate into a Korea-U.S. trade issue. We must be wary that even unverified claims could be used as justification for trade retaliation.
Hesitating amid President Trump's high-intensity threats could make Korea an example of sacrifice. It is irresponsible for the ruling and opposition parties to let the U.S. Investment Special Committee stall while consumed by political infighting. Given that the U.S. has raised concerns about Korea's investment implementation speed and hinted at possible tariff increases, legislation must not be delayed—if only to protect export companies and maintain trust in the Korea-U.S. agreement. After the law is enacted, follow-up measures must be expedited, including securing commercial viability for U.S. investments, establishing a dedicated investment corporation, and preventing domestic industrial hollowing-out. Developing strategies to secure highly profitable projects ahead of competition with Japan is also urgent. The U.S. Investment Special Act, at least, must be processed promptly according to the agreed schedule, setting aside political disputes. When it comes to protecting national interests, there is no ruling or opposition party.