South Korea's Platform Bill Threatens $525 Billion U.S. Hit as 50 House Members Protest
Updated
Updated · Fox News · Jun 27
South Korea's Platform Bill Threatens $525 Billion U.S. Hit as 50 House Members Protest
1 articles · Updated · Fox News · Jun 27
Summary
$525 billion in lost U.S. economic activity over 10 years could result if South Korea passes its proposed Online Platform Fairness Act, according to a Competere Foundation model cited by House critics.
California would take the biggest state-level hit at $123 billion, followed by Texas at $48.7 billion, New York at $33.9 billion and Washington at $27.4 billion.
More than 50 House lawmakers led by Rep. Darrell Issa say the bill and other South Korean policies discriminate against U.S. tech firms, expand the Korea Fair Trade Commission's power and could hand market share to China-linked rivals.
The warnings build on broader friction that includes South Korea's roughly $410 million fine against U.S.-based Coupang, a pending April congressional letter to Seoul's ambassador and criticism of President Lee Jae-myung's more left-leaning government.
As U.S. tech firms face fines, will domestic startups or Chinese rivals fill the void in Korea?
Can Seoul's tech crackdown succeed without fracturing its crucial security alliance with Washington?
U.S.-South Korea Digital Trade Dispute: Coupang, Protectionism, and the $1 Trillion Economic Risk
Overview
Tensions between the United States and South Korea have recently intensified, mainly due to concerns over digital trade practices. Despite a comprehensive trade deal in 2025 aimed at protecting U.S. companies from discrimination and trade barriers in digital services, the treatment of Coupang—a major e-commerce company founded by Korean-American Bom Kim and listed on the New York Stock Exchange—has become a significant flashpoint. Coupang’s situation is now a prominent example cited by U.S. officials and lawmakers, highlighting broader worries about how American companies are treated under South Korea’s evolving digital regulations.