Business
House Judiciary Committee opens investigation into South Korean regulators
U.S. Trade Representative Jamieson Greer discusses President Donald Trump’s decision to raise tariffs on South Korea and a trade agreement between India and the EU on ‘Kudlow.’
FIRST ON FOX: The House Judiciary Committee has opened a formal investigation into actions by South Korean regulators that lawmakers say may discriminate against American technology companies. In an attempt to learn more about the abuses against American companies, it has issued a subpoena to U.S. e-commerce giant Coupang for documents and testimony on its experiences.
The e-commerce company listed on the New York Stock Exchange, has emerged as one of the most visible examples cited by U.S. officials, lawmakers and investors of the abuse of U.S. companies by Seoul to better enable scrutiny of South Korea’s regulatory environment has intensified.
US-SOUTH KOREA TRADE TENSIONS FLARE OVER TREATMENT OF AMERICAN TECH FIRMS INCLUDING COUPANG
Committee Chairman Jim Jordan and Subcommittee Chairman Scott Fitzgerald said the probe will examine whether foreign laws and enforcement actions are being used to target U.S. firms and undermine their ability to compete globally, according to a Feb. 5 letter sent to Coupang leadership.
A U.S. flag flies in front of the U.S. Capitol dome on Dec. 16, 2019 in Washington, DC. (Photo by Samuel Corum/Getty Images / Getty Images)
Lawmakers wrote that the committee is conducting oversight into “how and to what extent foreign laws, regulations, and judicial orders are being used to discriminate against innovative American companies and infringe on the rights of U.S. citizens.”
The subpoena requests communications between Coupang and South Korean authorities, as well as testimony from company representatives, as Congress seeks to determine the scope of what it views as potentially unfair enforcement practices.
Logos on facade at the shared headquarters of Internet company Coupang and security company SentinelOne in the Silicon Valley town of Mountain View, California, October 28, 2018. (Smith Collection/Gado/Getty Images / Getty Images)
The committee cited concerns about the Korea Fair Trade Commission and other agencies, arguing they have subjected U.S. firms to “punitive obligations, excessive fines, and discriminatory enforcement practices” in ways that could benefit domestic competitors.
Lawmakers also pointed to recent regulatory actions involving Coupang, including scrutiny and potential penalties following a data-related incident, which they said illustrate broader concerns about how American-owned companies are treated under South Korean enforcement.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
South Korea says that the U.S. will review its subsidies to EV owners after South Korea brought up concerns on how the law would negativley impact Korean car manufacturers. Pictured: an American and South Korean flag hang together at Yongin, South Ko (Ken Scar/U.S. Army/Handout via Reuters / Reuters Photos)
According to the letter, the investigation is intended to inform potential legislation aimed at protecting U.S. companies and citizens from what Congress describes as discriminatory foreign regulations and enforcement decisions.
The committee said obtaining records from Coupang will help lawmakers assess how foreign policies and enforcement practices may affect Americans’ due process rights and U.S. companies’ ability to compete in global markets, as part of its oversight responsibilities.