The South Korean government assured it would protect export conditions to the U.S. following a Supreme Court ruling against Trump's tariffs, while evaluating the ruling's ramifications in a high-level meeting.
The South Korean government, represented by the Blue House, responded to the U.S. Supreme Court's ruling that deemed former President Donald Trump's imposition of reciprocal tariffs on various countries unlawful. In a statement, they acknowledged that while the ruling introduces uncertainty into international trade conditions, efforts will be made to maintain the balance of benefits achieved through tariff agreements and ensure that the conditions for exporting to the United States remain intact. This approach reflects South Korea's commitment to managing its trade relations prudently in light of evolving legal landscapes in the U.S.
The Blue House convened a meeting with key government officials, including Security Chief Wi Seong-lak and Policy Chief Kim Yong-beom, to discuss the implications of the Supreme Court's decision on South Korea's trade with the U.S. Among the attendees were the Deputy Prime Minister and Finance Minister, the Minister of Foreign Affairs, and the Minister of Trade, Industry and Energy. They assessed the ruling's content and potential impact on current trade policies, especially in light of the ongoing 15% tariffs that the U.S. has been imposing.
In light of the Supreme Court's ruling that nullifies the existing tariffs, the Blue House highlighted the continuation of a 10% global tariff that the U.S. administration is expected to announce under Trade Law 122. This introduces ongoing uncertainty in trade, leading South Korea to commit to maintaining its existing cooperative stance in international trade. They also promised to ensure timely and accurate communication regarding refunds for tariffs already paid by South Korean companies and pledged to oversee legislative processes for investment laws aimed at the U.S.
