South Korea trade envoy says making 'good faith' efforts to meet terms of US deal

SEOUL: South Korea's top trade envoy said on Thursday that Washington has yet to take an administrative step to impose higher tariffs on its goods and that he believes such action is not necessary as Seoul works to meet the terms of their trade deal.

U.S. President Donald Trump threatened last week to hike tariffs on imports from South Korea, blaming a delay in enacting a trade deal in which the Asian ally promised to invest $350 billion in the United States.

Trade envoy Yeo Han-koo, who returned from Washington for talks with U.S. officials and lawmakers, told reporters upon landing in South Korea that Seoul is willing to "faithfully and quickly implement" the trade deal.

The threatened higher tariff rates on South Korean goods have to be published in the U.S. Federal Register to become an official administrative action, Yeo said, but South Korea believes this step is not necessary as it is making "good faith" efforts to implement the deal.

South Korea's parliament plans to finalise by March 9 a bill to make the U.S. investments under the trade deal, the ruling and main opposition parties agreed on Wednesday.

"Passing the investment bill as soon as possible is most important at this stage," said Yeo.