South Korea approves investments of 350 billion dollars in the USA

The Seoul Parliament approved on Thursday an investment project of 350 billion dollars in the United States, related to a bilateral trade agreement concluded in October last year by South Korea.

In return, the Americans were to reduce the tariffs on imports from South Korea from 25% to 15%.

In January, however, the United States threatened to raise those tariffs back to 25%, arguing that the South Korean parliament was not honoring the agreement by not voting quickly enough on the necessary bill for investments.

The special law was adopted with 226 votes in favor and only eight against, with support from both the ruling party and the main opposition party – the People Power Party.