The South Korean government held a joint public-private meeting to discuss responses to the U.S. Supreme Court's ruling on mutual tariff invalidation and President Trump's new tariff measures.
On the morning of the 23rd, South Korea's Ministry of Trade, Industry and Energy convened a public-private joint response meeting involving economic groups, key industry organizations, and relevant agencies. The meeting was held to discuss the implications of the recent U.S. Supreme Court ruling regarding the invalidation of mutual tariffs and the new tariffs introduced by President Trump. The Ministry stated that the U.S. government's subsequent actions, following the Supreme Court's ruling, have raised concerns about the potential impacts on South Korea's industries and exports. They emphasized the necessity of gathering industry feedback and deliberating on future response strategies amid expected complex effects due to U.S. decisions.
Minister of Trade, Industry and Energy Kim Jung-kwan emphasized the importance of maintaining a balance of benefits secured through the Korea-U.S. tariff agreement, assuring that ongoing communications with the U.S. will continue to ensure that export conditions to the U.S. are not compromised. The government's reaffirmation of its plan to implement a $350 billion (approximately 504 trillion won) investment in the U.S. aims to mitigate the risk of retaliation from the U.S., especially considering that the recent Supreme Court ruling rendered critical aspects of mutual tariff negotiations ineffective, specifically the reduction of tariff rates from 25% to 15%. Trump has announced a unilateral application of a 15% tariff globally, following the invalidation of mutual tariffs, while also initiating investigations into unfair trade practices under Section 301 and plans to expand tariffs on certain products under Section 232 of the Trade Expansion Act.
The Ministry of Trade further stated its commitment to closely monitor subsequent actions from the U.S. as well as movements from other countries, aiming to minimize uncertainties and potential disruptions to South Korea's trade landscape. This proactive approach highlights the government's understanding of the complex and evolving nature of international trade relations, particularly in light of recent legal and policy changes in the United States.
