US unlikely to increase tariffs on South Korea, Seoul official says

SEOUL, March 8 (Reuters) - ‌South Korea's ​Industry ​Minister Kim Jung-kwan on Sunday said the U.S. is unlikely to slap ‌higher tariffs on South Korea should the ⁠Korean parliament move swiftly to implement investment legislation ‌sought by the U.S. ‌next week as scheduled.

Seoul has been in talks with Washington after U.S. President Donald ​Trump threatened to hike tariffs on goods imported from South Korea to 25%, blaming ⁠a delay in the Asian ally's enactment of commitments to ​invest $350 billion in the U.S. as agreed in a trade deal last year.

"The ​U.S. expressed gratitude for (South ‌Korea's) upcoming plans to approve the U.S. investment act and the way ⁠I heard things from them is that there won't be an official announcement to raise tariffs ⁠if what we discussed from the deal gets implemented," ​Kim said in televised remarks after meeting U.S. Secretary of Commerce Howard Lutnick.

South Korea's ruling Democratic Party ‌will hold a vote on March 12 to pass a special bill ‌to make investments in the U.S. under ⁠the trade deal between ‌the countries, ​the party's floor leader said on Wednesday.

(Reporting by Cynthia Kim; Editing by Sonali ‌Paul)

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