South Korea's Strategic US Investment: Tariff Deal Set in Motion

South Korea's Democratic Party is set to propose a bill facilitating a U.S. investment of $350 billion in exchange for reduced tariffs on exports. The bill aims to cut import duties from 25% to 15%, implementing an agreement made on November 14 between both nations' leaders.

South Korea's ruling Democratic Party is preparing to introduce a new bill this week, aimed at boosting the nation's investment in the United States.

The proposed legislation follows a recent agreement between South Korea and the U.S. to slash import duties on South Korean goods from 25% to 15%. This agreement was reached between the two countries' presidents in late October and detailed on November 14.

As part of this deal, South Korea has committed to investing $350 billion in strategic U.S. industries. The tariff reduction will be applied retroactively from the month the bill is introduced in South Korea's parliament, confirmed by Industry Minister Kim Jung-kwan.

(With inputs from agencies.)