Seoul: South Korea's industry ministry convened a meeting with domestic exporters on Tuesday to communicate the outcomes of the recent high-level trade discussions held with the United States and to seek industry insights.
According to Yonhap News Agency, the meeting, which was co-hosted by the Korea International Trade Association, saw participation from executives of 15 major companies spanning sectors such as shipbuilding, aerospace, defense, nuclear power, and batteries. These industries are anticipated to be significantly impacted by the rising tariff measures from Washington, as highlighted by the Ministry of Trade, Industry and Energy.
The session focused on evaluating the repercussions of the latest U.S. trade and tariff policies on crucial industries and deliberating on strategies to bolster bilateral industrial collaboration. During the talks held last week in Washington, both Seoul and Washington agreed to formulate a "package" deal concerning new U.S. tariffs and economic and industrial cooperation, with an expected completion by early July.
At Tuesday's meeting, company representatives emphasized the need for proactive government involvement in tariff negotiations to safeguard South Korean exporters from potential competitive disadvantages due to relatively higher U.S. tariffs. They also advocated for sustained policy support, which includes enhancing industrial cooperation with the U.S., boosting investments in research and development, and improving tax incentives, as stated by the ministry.