Seoul: The government is set to hold an emergency meeting Thursday to discuss a response strategy to the U.S. administration's plan to slap 25 percent reciprocal tariffs on South Korean imports, the industry ministry said. In the meeting, Industry Minister Ahn Duk-geun is anticipated to meet with officials from various industries, economic organizations and research institutes to discuss the possible impact of new U.S. duties on South Korea's economy.
According to Yonhap News Agency, earlier in the day, U.S. President Donald Trump announced plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, as well as "reciprocal" tariffs, including 25 percent duties for South Korea. The baseline and reciprocal tariffs will go into effect at 12:01 a.m. Saturday (U.S. time) and 12:01 a.m. next Wednesday, respectively.
Under Washington's scheme, reciprocal tariffs for South Korea have been set at a lower range than China, Vietnam and Taiwan, which will face 34 percent, 46 percent and 32 percent duties, respectively, but at a higher range than the respective 24 percent, 20 percent and 10 percent for Japan, the European Union and Britain.