Overview
- Democratic Party leaders say the Special Act will move through committee and subcommittee review for a plenary vote during an extraordinary session in late February to early March.
- Floor leader Han Byung-do pressed for cross-party cooperation and warned that a failure to pass the bill could see tariffs return to 25%, estimating an annual 4 trillion won burden on the auto sector.
- The legislation would implement the Lee–Trump summit commitments by executing MOUs and creating a strategic investment fund tied to a roughly US$350 billion investment program in U.S. projects.
- Industry Minister Kim Jung-kwan met U.S. Commerce Secretary Howard Lutnick in Washington, describing the talks as inconclusive but helpful in clearing up “unnecessary misunderstandings.”
- The ruling party is also expediting judicial reforms and a Commercial Act revision, including legislation to establish a Major Crimes Investigation Agency, while the opposition favors ratifying the joint fact sheet instead of enacting a special law.