Bessent says no trade deal with S. Korea until ratification

WASHINGTON — U.S. Treasury Secretary Scott Bessent said Wednesday that there is no trade deal with South Korea until its legislature approves it, days after President Donald Trump threatened to increase “reciprocal” and other tariffs on the Asian country. Bessent made the remarks during a CNBC interview, as South Korea’s Industry Minister Kim Jung-kwan is set to visit the United States for talks with Commerce Secretary Howard Lutnick to address the renewed trade tension. “The South Korean parliament has not passed the trade deal,” he said. “So there is no trade deal until they ratify it.” Asked if South Korea will face 25 percent tariffs until the National Assembly ratifies it, Bessent said, “I think it’s helpful to get things moved along.” He was apparently referring to a bill that South Korea’s ruling Democratic Party submitted in November to facilitate the implementation of the trade agreement between Seoul and Washington. It has yet to pass through the National Assembly. Under the agreement struck in late July and finalized months later, Seoul has committed to investing $350 billion

Read Full Article