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Industry

Korea passes special act to underpin U.S. investment deal

South Korea’s parliament on March 12 passed a special act to implement strategic investment commitments to the United States, four months after the two countries signed an MOU for $350 billion in investment. The law sets a project system and funding methods, caps annual investment at $20 billion and establishes a state-funded corporation with 2 trillion won in capital and a related fund. It also sets a two-tier decision structure and an exception process.

Industry

Trump launches Section 301 probe into 16 economies, cites evidence of overcapacity in South Korea

The Trump administration has opened a Trade Act Section 301 investigation into 16 economies including South Korea, citing unfair trade practices linked to overcapacity and goods made with forced labor. USTR said targeted economies sustained U.S. trade surpluses through intentional overproduction. It cited South Korea’s trade swing from a $10 billion deficit in 2023 to a $52 billion surplus in 2024. The probe will take comments, hold a hearing and then decide possible measures.

General News

Coupang U.S. shareholders withdraw USTR Section 301 petition

U.S. investment firms that hold shares in Coupang have withdrawn a Section 301 petition they filed with the Office of the U.S. Trade Representative seeking an investigation into South Korean government measures related to Coupang. Green Oaks and Altimeter said they pulled the request as USTR considers a broader review of unfair trade practices affecting U.S. companies. They said consultations were prompted, but they will maintain legal action and pursue ISDS arbitration.