Seoul: The government has initiated an emergency task force to quickly address potential risks in the shipping sector, as global trade protectionism continues to expand, the oceans ministry announced.
According to Yonhap News Agency, the task force, directed by the Ministry of Oceans and Fisheries, aims to closely monitor the rapidly evolving global trade landscape influenced by the U.S. administration's tariff policies. The task force is tasked with developing strategies to support the local shipping industry in response to these global changes, as stated by ministry officials.
Oceans Minister Kang Do-hyung highlighted the significance of the task force, noting that uncertainties in the global trade environment pose significant threats to the country's export-driven economy. He emphasized the critical role of shipping in the economy, as it handles 99.7 percent of the nation's imports and exports.
Since assuming office in January, U.S. President Donald Trump has enforced tariffs on steel, aluminum, and auto imports, with intentions to extend these tariffs to other sectors such as semiconductors and pharmaceuticals. Earlier this month, Trump implemented substantial "reciprocal" tariffs on South Korea, Japan, and other nations but later announced a 90-day suspension to facilitate negotiations.