South Korean Leaders Set March 9 Deadline to Fast‑Track $350 Billion U.S. Investment Bill After Supreme Court Ruling
Updated (2 articles)
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Image: YonhapNational Security Adviser Wi Sung-lac (L) and Kim Yong-beom, presidential chief of staff for policy, announce the results of tariff negotiations with the United States in a press briefing on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju in this file photo taken Oct. 29, 2025. (Pool photo) (Yonhap) Source Full size -
Image: Yonhap -
Image: Yonhap
Coordinated Push Sets March 9 Deadline Senior presidential, government and Democratic Party officials agreed on Feb 22 to push a special investment bill through by March 9, aiming to fulfill South Korea’s $350 billion pledge to the United States [1]. The meeting was convened after the U.S. Supreme Court overturned President Donald Trump’s global “reciprocal” tariff scheme, prompting rapid policy coordination [1]. Participants included policy chief of staff Kim Yong‑beom, National Security Adviser Wi Sung‑lac, Finance Minister Koo Yoon‑cheol, Industry Minister Kim Jung‑kwan, Trade Minister Yeo Han‑koo and DP floor leader Han Byung‑do [1].
Legislative Process Remains On Schedule The National Assembly confirmed on Feb 21 that it will continue processing the bill as planned, with both the ruling Democratic Party and opposition People Power Party pledging no schedule changes [2]. Committee chair Rep. Kim Sang‑hoon said the Supreme Court ruling does not cancel South Korea’s investment commitments, and a hearing is set for the following Tuesday [2]. The special committee’s timeline includes a plenary vote on March 5 and remains active until the March 9 deadline [2].
Tariff Threat Escalates After Court Decision Hours after the court’s decision, Trump issued a temporary 10 % global tariff under the 1974 Trade Act, slated to begin at 12:01 a.m. Washington time on Tuesday [1]. He later announced via Truth Social that the tariff would rise to 15 %, building on earlier reciprocal 15 % tariffs that had been reduced from 25 % under the bilateral deal linking the $350 billion investment pledge to tariff relief [1]. The tariff escalation underscores the urgency of the South Korean legislative response [1].
Minor Party Calls for Immediate Halt The Jinbo Party, a minor parliamentary group, urged an immediate stop to all procedures related to the investment legislation, contrasting sharply with the major parties’ commitment to press forward [2]. This dissent highlights a political split over the pace and necessity of the fast‑track process [2].
Sources
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1.
Yonhap: South Korean Leaders Commit to Fast‑Track U.S. Investment Bill by March 9: senior officials set a March 9 deadline, detailed the high‑level coordination meeting after the U.S. Supreme Court ruling, listed key ministers, and described Trump’s temporary tariff actions .
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2.
Yonhap: National Assembly to move ahead with U.S. investment bill despite tariff ruling: opposition and ruling parties plan to keep the legislative schedule, outlined the special committee’s timeline, and noted the Jinbo Party’s demand to halt the bill .
Timeline
Feb 2026 – South Korea and the United States sign a Seoul‑Washington trade agreement that links a $350 billion Korean investment pledge to tariff relief, prompting President Trump’s threat to raise U.S. tariffs on Korean goods from 15 % to 25 % if the pledge stalls and leading the National Assembly to create a special parliamentary committee to fast‑track the investment bill [2].
Feb 12, 2026 – The newly formed special committee convenes for the first time to outline a timetable for the $350 billion investment legislation, setting a hearing for the following week, a plenary vote for early March, and a final deadline of March 9 to complete its work [2].
Feb 20, 2026 – The U.S. Supreme Court overturns President Donald Trump’s global “reciprocal” tariff scheme, removing the legal basis for the 15 % tariff on South Korean imports and triggering a high‑level coordination meeting among South Korean leaders [1].
Feb 20, 2026 (hours later) – President Trump signs a proclamation imposing a temporary 10 % global tariff under Section 122 of the 1974 Trade Act, slated to take effect at 12:01 a.m. Washington time on Tuesday, Feb 24 2026 [1].
Feb 21, 2026 – Via Truth Social, Trump announces the temporary tariff will rise to 15 % after the Supreme Court decision, intensifying pressure on Seoul to accelerate the investment pledge [1].
Feb 21, 2026 – Rival parties in the National Assembly affirm they will keep processing the U.S. investment bill on schedule despite the tariff dispute; People Power Party lawmaker Kim Sang‑hoon says the court ruling “does not seem to constitute a requirement that can cancel South Korea’s investments to the United States,” while a senior Democratic Party official pledges “no changes in schedule” [2]; the minor Jinbo Party calls for an immediate halt to the legislation [2].
Feb 21, 2026 – The committee’s hearing is set for Tuesday, Feb 26 2026; a plenary vote is slated for March 5 2026, and the special committee will remain active until the March 9 deadline [2].
Feb 22, 2026 – Senior presidential, government and Democratic Party officials meet to fast‑track the U.S. investment bill, agreeing to meet the March 9 deadline; DP Rep. Mun Geum‑ju stresses that swift enactment “serves the nation’s interest” and pledges “every effort” to secure passage [1]; the meeting is led by policy chief of staff Kim Yong‑beom and includes Finance Minister Koo Yoon‑cheol, Industry Minister Kim Jung‑kwan, Trade Minister Yeo Han‑koo and others [1].