Industry Minister Kim Jung-kwan speaks to reporters at Incheon International Airport, west of Seoul, on Sunday, after visiting the United States to discuss tariff issues and other trade matters with Washington. (Yonhap)
Industry Minister Kim Jung-kwan speaks to reporters at Incheon International Airport, west of Seoul, on Sunday, after visiting the United States to discuss tariff issues and other trade matters with Washington. (Yonhap)

Industry Minister Kim Jung-kwan said Sunday he has been told the United States is not likely to hike tariffs on South Korea if the National Assembly passes a special bill on Seoul's $350 billion investment pledge to the US

Kim made the remarks at Incheon International Airport, west of Seoul, after visiting the US to meet with Commerce Secretary Howard Lutnick and others to discuss tariff issues and other bilateral trade matters between Seoul and Washington.

"At a meeting with Lutnick, I explained the special investment bill that is expected to pass at the National Assembly next week. In response, the US side very highly evaluated it and expressed appreciation," Kim told reporters.

"If the bill is passed or South Korea implements things related to trade negotiations (between Seoul and Washington), I've heard that there would be no such things like publishing in the Federal Register on tariff hikes," he added.

US President Donald Trump threatened in January to raise "reciprocal" tariffs and auto, lumber and pharmaceutical duties on South Korea to 25 percent from 15 percent, citing a delay in the parliamentary process to pass the investment bill.

The bill is widely expected to pass Thursday under a trade deal with Washington.

Kim's latest trip was aimed at easing uncertainty surrounding the US tariff policy following a recent US Supreme Court ruling that struck down Trump's reciprocal tariffs. (Yonhap)