Seoul: Acting President Han Duck-soo instructed the government Thursday to go all-out to respond to the United States' announcement of 25 percent tariffs on imports from South Korea.
According to Yonhap News Agency, Han gave the instruction during an "emergency meeting" of the economic and security strategy task force, which brought together Finance Minister Choi Sang-mok, Industry Minister Ahn Duk-geun, and other senior officials from the government. This meeting was convened in response to U.S. President Donald Trump's announcement of new tariff rates for all U.S. trading partners, including a 25 percent tariff on imports from South Korea, set to take effect next Wednesday.
Han emphasized the severity of the situation, stating, "As the situation is very grave with the approach of the reality of a global tariff war, the government must pour out all of its capabilities at its disposal to overcome this trade crisis." His directives included instructing Industry Minister Ahn to analyze the tariffs' details and impacts meticulously and to engage in negotiations with the U.S. to mitigate potential damage to South Korea.
The acting president also called for the swift development of emergency support measures for industries likely to be affected by the tariffs, notably the auto industry. Meanwhile, Finance Minister Choi is scheduled to hold a separate meeting later in the day to assess the tariffs' impact on financial and foreign exchange markets. Industry Minister Ahn will convene a session to devise strategies for engaging with the U.S.
In the evening, Han will preside over another task force meeting, this time involving both government officials and business leaders, to further discuss their collective response to the tariff imposition.