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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) |
Bessent-S Korea-trade deal
Bessent says there's no trade deal with S. Korea until parliament ratifies it: report
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, a report said, days after President Donald Trump threatened to increase "reciprocal" and other tariffs on the Asian country.
Bessent made the remarks during a CNBC interview, Reuters reported, 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.
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.
Under the deal 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.
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