Minister Kim Jeong-Kwan: "No U.S. Tariff Increase If 'U.S. Investment Special Act' Passes" (Comprehensive)
by Kang Nahum
Published 08 Mar.2026 18:51(KST)
Updated 09 Mar.2026 07:36(KST)
Explanation of Meeting with Lutnick:
"U.S. Highly Appreciates Passage of the Act"
Discussion on Coupang Section 301 Petition
Preparations for Maximum Oil Price Measures
Kim Jeong-Kag, Minister of Trade, Industry and Energy, stated on the 8th that he received confirmation from the U.S. side that, if the 'Special Act on U.S. Investment' is processed by the National Assembly as scheduled, the likelihood of additional tariff increases on Korean products by the United States would be low.
Minister Kim, after returning to Incheon International Airport following his visit to the United States, told reporters, "I explained to U.S. Secretary of Commerce Howard Lutnick the current status regarding the Special Act on U.S. Investment, which is scheduled to be processed by our National Assembly next week. The U.S. side gave a very positive assessment and expressed their appreciation."
He further explained, "I was told that if the relevant law passes in Korea and the terms negotiated between Korea and the United States are implemented, there would likely be no additional measures such as tariff increases or notices published in the Federal Register."
Minister Kim also said that he discussed the direction of investment cooperation between Korea and the United States during this visit. "While we did not discuss specific individual projects, we exchanged in-depth views on which fields cooperation might be possible and on the overall direction and framework," he said.
He added, "We proceeded with the discussions in a way that would allow us to secure conditions that are not disadvantageous compared to competitor countries, and potentially even receive better treatment."
Minister Kim also stated that he exchanged views with Secretary Lutnick regarding the petition for a Section 301 investigation under U.S. trade law filed by investors in Coupang. He said, "The U.S. side emphasized that there should not be any discriminatory measures against their domestic companies, while we explained that this particular issue is a matter of domestic law related to a large-scale personal information leak." He said the two sides discussed the matter with an understanding of each other's positions.
Minister Kim said the government is also preparing measures to manage domestic oil prices in response to fluctuations in international crude oil prices caused by the worsening situation in the Middle East. He said, "We have almost finished preparations, taking into account market conditions and the status of fuel supply and demand," and added, "We are ready to implement a notice designating a maximum oil price and other detailed measures as soon as needed."
Due to the recent rise in international oil prices amid escalating tensions in the Middle East, the government is reviewing market stabilization measures, including the designation of a maximum oil price. The Ministry of Trade, Industry and Energy is conducting practical reviews for issuing such a notice based on the Act on the Business of Petroleum and Alternative Fuels.
Regarding crude oil supply response, the government stated it would respond using strategic reserves and also pursue diversification of import sources. Minister Kim said, "We are responding by utilizing our oil reserves and, in cooperation with the United Arab Emirates (UAE) and others, securing alternative suppliers and diversifying import sources beyond the Middle East."
The UAE has previously expressed its willingness to provide Korea with approximately 6 million barrels of crude oil that can be supplied without passing through the Strait of Hormuz.
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