The Democratic Party of Korea proposed the formation of a National Assembly Special Committee on Trade to respond to the reciprocal tariff policy promoted by U.S. President Donald Trump. The Special Committee on Trade was also an organization previously proposed by President Lee Jae-myung when he was the party leader.
Kim Byung-ki, acting leader of the Democratic Party and floor leader, noted at a Supreme Council meeting held in the National Assembly on the 9th that “U.S. President Trump stated in a letter that effective August 1, a 25% reciprocal tariff would be imposed on all Korean products,” and emphasized, “We must unite for the national interest.”
He continued, “On the same day the letter was made public, the presidential office held a countermeasure meeting chaired by the policy chief,” adding, “The Democratic Party will also consider and pursue legislative support to minimize the impact on domestic corporations. We request bipartisan and broad cooperation from the People Power Party.”
Jeon Hyun-hee, a fellow party member, again called for the formation of the Special Committee on Trade proposed by President Lee in the past. In February, during a Supreme Council meeting of the Democratic Party, President Lee said, “We must find measures that will benefit our corporations and the national interest,” and suggested, “Let’s create a Special Committee on Trade in the National Assembly to prepare bipartisan efforts.”
The former Supreme Council member stated, “To overcome the tariff crisis, comprehensive support from the National Assembly is essential,” adding, “Before the presidential election, the Democratic Party proposed the establishment of a special body at the National Assembly to respond to the imposition of U.S. reciprocal tariffs. I once again suggest the formation of the Special Committee on Trade to the People Power Party.”
Lee Eon-joo, a Supreme Council member, emphasized, “I think it's fortunate that an additional month of negotiation grace period has been granted,” stating, “The National Assembly and the Democratic Party will do everything to ensure this negotiation serves as an opportunity to strengthen the Korea-U.S. alliance, beyond just a tariff negotiation.”
Earlier, on the 8th (local time), President Trump made public a letter on his owned social media platform, Truth Social, announcing the imposition of reciprocal tariffs on Korea. According to the open letter, the U.S. plans to impose a 25% reciprocal tariff on countries including Korea and Japan.