South Korea's Strategic Investment in U.S. Gains Momentum

South Korea's ruling Democratic Party has proposed a bill to establish a special fund to finance a $350 billion investment in the U.S. This move is part of a deal with Washington to reduce U.S. tariffs on South Korean exports, specifically targeting the automotive industry. The proposed bill aligns with U.S. conditions to retroactively lower tariffs from November 1.

In a significant move, South Korea's ruling Democratic Party has put forth a legislative proposal to create a special fund aimed at financing a hefty $350 billion investment in the United States. This initiative is part of a broader agreement with Washington designed to ease U.S. tariffs on South Korean exports.

The Industry Ministry announced on Wednesday that the proposed legislation was developed in collaboration with the government and meets the necessary conditions for the U.S. to retroactively lower tariffs on South Korean automobiles and parts, effective from November 1.

This development marks a pivotal advancement in trade relations between the two nations, targeting significantly the automotive sector where tariff reductions are poised to enhance South Korea's export competitiveness in the U.S. market.

(With inputs from agencies.)