The South Korean finance minister is seeking approval from the parliament for the US investment bill

After US President Trump criticized the South Korean National Assembly for "not fulfilling" the trade agreement reached with the US and announced the imposition of tariffs on South Korea, the South Korean Ministry of Finance said it would actively engage in negotiations with the Congress regarding an American investment bill.

Reuters reported that on Tuesday (January 27th), the Ministry of Finance of South Korea sent a message to the media stating that South Korea's Finance Minister, Gu Run-cheol, plans to seek cooperation from the National Assembly that afternoon.

On the 26th, Trump posted on Truth Social stating that due to the fact that the South Korean National Assembly has not yet approved the trade agreement previously reached by the two governments, the import tariffs on South Korean automobiles, timber, medicines, and other 'reciprocal tariffs' by the United States will increase from 15% to 25%.

After the market opened on the 27th, the share price of Hyundai Motor dropped by 4%. The share prices of Hyundai Motor's sister company Kia Corp and Hyundai Motor's core automotive parts supplier Hyundai Mobis also fell by approximately 3.4% and 5% respectively.

The final agreement was reached only after Trump met with South Korean President Lee Jae-myung in October last year, which included South Korea's investment commitment and the reduction of tariffs by the United States.

The automotive industry accounts for 27% of South Korea's total exports to the United States, and the United States takes up almost half of South Korea's total automotive exports.