Industry Minister Kim Jung-kwan, second from right, speaks at a meeting with private industries to discuss Korea's response to U.S. tariff policies following the U.S. Supreme Court's ruling against U.S. President Donald Trump's "reciprocal" tariffs in Seoul, Monday. Yonhap
Korea will continue holding "amicable" consultations with the United States on tariff issues to safeguard the favorable export conditions secured through its bilateral trade deal with the U.S., Seoul's industry minister said Monday.
Kim Jung-kwan, minister of trade, industry and resources, also vowed continued support for local businesses to boost their global competitiveness amid trade uncertainties.
"Under the principle of maximizing national interest, the government will continue close communications and pursue amicable consultations to ensure that the balance of benefits and favorable export conditions secured through the Korea-U.S. tariff agreement are not undermined," he said, according to the ministry.
Kim made the remarks in a meeting with local business representatives to discuss Seoul's strategy after the U.S. Supreme Court struck down U.S. President Donald Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) to justify duties on Korea and other trading partners, including "reciprocal" tariffs.
Following the ruling, Trump announced a new temporary global tariff of 15 percent and vowed to issue "new and legally permissible" duties to replace the nullified reciprocal tariffs.
"We will steadfastly push for policies to strengthen the competitiveness of our companies and diversify exports in response to possible changes in export conditions, while collaborating with related agencies and industry associations to provide timely information on tariff refunds to companies to help them address uncertainties related to the issue," Kim said.
The Ministry of Trade, Industry and Resources said it will also closely monitor the response of other nations to U.S. tariff policies to minimize uncertainties surrounding the Korean economy and local companies.
Source: Korea Times News
