Seoul: Finance Minister Koo Yun-cheol on Tuesday reaffirmed the government’s commitment to a “prompt response” to global trade uncertainties, saying it will soon unveil follow-up measures related to a recent trade agreement with the United States.

According to Yonhap News Agency, in late July, South Korea and the U.S. reached a last-minute tariff agreement, under which Washington agreed to reduce the initially proposed 25 percent tariff on South Korean imports to 15 percent in return for South Korea’s US$350 billion investment in the U.S.

Koo stated during a ministerial meeting on economic issues that the government will respond promptly to uncertainties in the global trade environment. The minister emphasized that the government would continue to support domestic companies in tackling tariff uncertainties and help further strengthen the competitiveness of key industries through the forthcoming follow-up measures.

Furthermore, Koo highlighted the government’s dedication to ensuring that the outcome of the summit between President Lee Jae Myung and U.S. President Donald Trump in Washington last month becomes meaningful.