Seoul: Acting President Han Duck-soo has called for an all-encompassing governmental response following the United States' decision to impose 25 percent tariffs on imports from South Korea. This directive was conveyed during an emergency meeting of the economic and security strategy task force, which included Finance Minister Choi Sang-mok, Industry Minister Ahn Duk-geun, and other senior government officials.
According to Yonhap News Agency, Han emphasized the severity of the situation, noting the onset of what he described as a "global tariff war." He urged the government to mobilize all available resources to address this trade crisis, which was precipitated by U.S. President Donald Trump's announcement of new tariff rates affecting all U.S. trading partners, set to commence next Wednesday.
Han instructed Industry Minister Ahn to conduct a thorough analysis of the tariffs' specifics and ramifications in collaboration with the business sector. He also advocated for proactive negotiations with the U.S. to mitigate the adverse effects on South Korea's economy. Additionally, he urged the rapid development of emergency support measures for affected industries, particularly the automotive sector.
In a subsequent task force meeting, Han directed Trade Minister Cheong In-kyo to arrange a visit to the U.S. to engage in further negotiations. He reiterated the government's commitment to minimizing the impact of the tariffs on South Korea's export-driven economy, acknowledging that the tariffs could pose a significant burden. Emergency response measures are expected to be announced by next week in light of the tariffs already affecting the auto industry.