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| ▲ This file photo, released by Reuters, shows U.S. Treasury Secretary Scott Bessent speaking during the 56th annual World Economic Forum meeting in Davos, Switzerland, on Jan. 19, 2026. (Yonhap) |
(LEAD) Bessent-S Korea-trade deal
(LEAD) Bessent says no trade deal with S.Korea until ratification
(ATTN: UPDATES throughout)
By Song Sang-ho
WASHINGTON, Jan. 28 (Yonhap) -- U.S. Treasury Secretary Scott Bessent said Wednesday that there is no trade deal with South Korea until its legislature approves it, days after President Donald Trump threatened to increase "reciprocal" and other tariffs on the Asian country.
Bessent made the remarks during a CNBC interview, as South Korea's Industry Minister Kim Jung-kwan is set to visit the United States for talks with Commerce Secretary Howard Lutnick to address the renewed trade tension.
"The South Korean parliament has not passed the trade deal," he said. "So there is no trade deal until they ratify it."
Asked if South Korea will face 25 percent tariffs until the National Assembly ratifies it, Bessent said, "I think it's helpful to get things moved along."
He was apparently referring to a bill that South Korea's ruling Democratic Party submitted in November to facilitate the implementation of the trade agreement between Seoul and Washington. It has yet to pass through the National Assembly.
Under the agreement struck in late July and finalized months later, Seoul has committed to investing US$350 billion in the United States, among other pledges, in return for Washington's lowering of reciprocal tariffs to 15 percent from 25 percent.
On Monday, Trump made the surprise announcement of a plan to increase "reciprocal" tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 percent from 15 percent, citing a delay in Seoul's legislative procedures supporting the implementation of the trade deal.
A day later, he told reporters that his administration will "work something out with South Korea", a remark that raised hopes for negotiations over the trade issue.
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