Industry Minister Kim Jung-kwan, right, speaks at the inaugural Korea-U.S. strategic investment memorandum of understanding (MOU) implementation committee meeting held in Seoul, Feb. 13. Yonhap
The South Korean government on Saturday vowed to put in utmost efforts to counter mounting trade uncertainties after the U.S. Supreme Court struck down President Donald Trump's sweeping "reciprocal" tariffs on South Korea and other trading partners, noting the export conditions secured through its trade deal with the United States will mostly remain in place.
The Ministry of Trade, Industry and Resources convened an emergency meeting to assess the impact of the ruling and discuss Seoul's strategy to the Trump administration's tariff policies, officials said.
The move came after the U.S. Supreme Court ruled against Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) to justify duties on Friday (U.S. time), including the reciprocal tariffs, upholding a lower court's ruling.
Following the legal defeat, Trump signed a proclamation to impose an additional 10 percent global tariff and vowed to undertake other tariff measures under different legal provisions.
The ministry said it has been working to devise response to the anticipated situation following the ruling, vowing continued efforts to minimize export uncertainties for Korean companies.
"Although the ruling increased uncertainties surrounding exports to the U.S., the overall export conditions secured through the Korea-U.S. tariff agreement will largely remain intact," Industry Minister Kim Jung-kwan said.
Kim said the government will comprehensively review the details of the ruling and follow-up measures by Washington to respond with "full force" to best safeguard Korea's national interest.
Regarding the tariff refund issue, which is not clearly stated in the U.S. ruling, the ministry said it plans to work out support measures to minimize the harm to Korean companies.
The ministry also plans to hold a meeting with private industries on Monday to assess the impact of the latest development on domestic industries.
Source: Korea Times News
