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.
Han instructed 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, reports Yonhap news agency.
“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,” he said, shortly after U.S. President Donald Trump announced tariff rates for all U.S. trading partners, including 25 per cent for South Korea, starting next Wednesday.
Han gave instructions to Ahn to carefully analyse the details and impacts of the new tariffs together with businesses and actively engage in negotiations with the U.S. to minimize damage to the country.
He also ordered the government to swiftly draw up emergency support measures for companies and sectors affected by the tariffs, including the auto industry.
Later in the day, Han instructed Trade Minister Cheong In-kyo to promptly arrange a visit the U.S. as he presided over another task force meeting to respond to U.S. reciprocal tariffs.
“In the crisis situation, the government will make all-out efforts for negotiations with the U.S. to minimize losses to businesses,” he said, noting the tariffs could become a “big burden” for South Korea’s export-reliant economy.
Han also said the government will announce emergency response measures by next week in response to tariffs that took effect on the auto industry earlier in the day.
Under the US 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.
IANS
