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.

Source: American Journal of Transportation

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