The South Korean government has addressed concerns surrounding the recent ruling by the U.S. Supreme Court declaring certain tariffs nullified. During a market assessment meeting led by Vice Minister Lee Hyung-il, which included representatives from various financial and economic ministries, officials expressed their cautious optimism. They noted that, despite potential geopolitical risks and the immediate increases in tariffs announced by the U.S. government, the global markets exhibited stability following the ruling, with U.S. and European stock markets showing an uptick.

Participants acknowledged the immediate post-ruling response from the U.S. government, which included a proposed increase in tariffs from 10% to 15%. However, due to the resilience of the markets and the stability of the dollar index, the expected negative impact on global trade did not fully materialize. The South Korean officials emphasized the importance of monitoring these developments closely, given the complexities of international trade relations and the ongoing geopolitical tensions affecting the market landscape.

Furthermore, the South Korean administration indicated that regardless of the court's decision, tariffs established under Section 232 of the Trade Expansion Act, particularly on automobiles and steel, would remain in force. Additionally, they have initiated investigations under Section 301 of the Trade Act, demonstrating their commitment to actively tracking U.S. policies and the responses of other countries. This proactive approach indicates an understanding of the nuanced dynamics at play in global trade and the necessity for South Korea to stay vigilant in a rapidly evolving economic environment.