U.S. Treasury Secretary Scott Bessent said there will be no trade agreement with South Korea until its National Assembly approves it.
Bessent made the remarks in a CNBC interview on Tuesday local time when asked whether President Donald Trump was raising tariffs on South Korea because it had not approved a trade deal.
His comments came as Trump has warned he could restore higher tariffs, citing delays in the National Assembly’s passage of a “special law on investment in the United States.” Bessent was seen as again urging lawmakers to act.
“The signal from the Trump administration is: sign the trade agreement,” Bessent said. Asked whether South Korea would face a 25% tariff until parliamentary approval, he did not give a direct answer, saying, “I think this will help move things forward.”
Earlier, Trump wrote on Truth Social on Sunday that because South Korea’s legislature had not enacted “our historic trade agreement,” he was raising reciprocal tariffs on autos, lumber, pharmaceuticals and “all other” items to 25% from 15%.
But the next day, Trump said the two countries would “work out a solution,” suggesting the tariff increase could be put on hold through talks.