A bipartisan delegation from the Korea-U.S. Inter-Parliamentary Council will visit the United States on March 23 to meet with key congressional and administration officials. The delegation will focus on follow-up measures to Korea-U.S. tariff negotiations and pending investment issues.
The parliamentary initiative comes as trade uncertainty grows following U.S. President Donald Trump's recent signals of additional tariff hikes under U.S. trade law. Council members from both ruling and opposition parties have agreed to expedite passage of the Special Act on U.S. Investment.
"Our economy faces export concerns externally and inflation worries domestically—a challenging situation," Rep. Cho Kyung-tae of the People Power Party, who chairs the council, said at a meeting with Trade Minister Yeo Han-koo at the National Assembly on Tuesday. "I will lead the congressional delegation to the U.S. on March 23 to meet key figures in Congress and the administration."
The meeting included government briefings on Korea-U.S. trade issues, progress on investment follow-up measures, and the domestic economic impact of the Iran situation.
"The Trump administration's high tariff policy is placing a heavy burden on our exporters, and there are serious concerns about economic instability as oil prices fluctuate due to the Iran situation," Cho said. "We must turn the $200 billion U.S. investment commitment and $150 billion shipbuilding cooperation into opportunities amid this crisis."
The delegation comprises six council members, led by Cho as head and Rep. Min Hong-bae of the Democratic Party of Korea as deputy head. They plan to meet U.S. senators, representatives, and administration officials to explain progress on U.S. investment commitments and resolve bilateral misunderstandings surrounding the Coupang incident.
Rep. Kim Young-bae of the Democratic Party, serving as floor manager, said the council aims to establish a joint organization with U.S. lawmakers. "We will ask pro-Korea members including Senator Andy Kim and Representatives Dave Min, Young Kim, and Marilyn Strickland to form a congressional liaison body," Kim said.
Trade Minister Yeo responded that the National Assembly plays a crucial role in stabilizing Korea-U.S. trade relations. "Since the U.S. Congress holds trade authority and delegates negotiations to the USTR, communication with both the Senate and House is essential," he said.
The government requested swift passage of the Special Act on U.S. Investment currently under deliberation. "We need to accurately explain our policy intent to the U.S. side and prevent misunderstandings about various bills under discussion," Yeo said. "The government is responding in emergency mode to the recent Strait of Hormuz blockade situation and will cooperate closely with the National Assembly."
Council members from both parties agreed to work toward passing the special act by March 9. "There was discussion about how much the Special Act on U.S. Investment is actually an issue in the U.S. and what effect its passage would have," Kim said. "Lawmakers from both parties agreed to ensure passage within the deadline."
Minister Yeo advised lawmakers that Korea must carefully manage the situation to avoid being included among countries subject to tariff increases, given that Korea already faces item-specific tariffs on automobiles and steel under Section 302 of U.S. trade law.
On the Coupang incident, Yeo reported that the government is informing U.S. authorities including the USTR of the accurate scale of personal data breaches. The Korean government has identified more than 30 million compromised records, while Coupang disclosed only 3,000 cases based on its own investigation.
Regarding energy supply concerns from the Iran situation, the government projected no significant short-term impact. Korea currently maintains reserves of 190 million barrels of oil and approximately nine days' worth of gas. However, officials said they are preparing contingency plans and securing alternative supplies in case the situation becomes prolonged.