South Korea to go into 'full emergency response mode’ to respond to US tariffs

Industry Minister Ahn Duk-geun said the new plans are aimed at minimizing the impact of new US duties on local industries, Yonhap News reported.

The trade, industry and energy ministries held a meeting in Seoul with officials from various business associations, industries, academic institutes and support institutions to devise a strategy for the Donald Trump administration's new tariff scheme.

Ahn said his ministry will strengthen communication with local industries and beef up response measures against US tariffs to protect the interests of Korean companies.

South Korea was the fourth-largest exporter of steel to the US last year, accounting for 9% of Washington's steel imports.

The country was also the fourth-biggest exporter of aluminum to the US, which amounts to about 4% of the US aluminum imports.

The Trump Administration also intends to impose duties on various other goods, including automobiles, semiconductors and pharmaceuticals, as well as reciprocal tariffs on its trading partners, in the near future.

The Industry Ministry plans to hold briefing sessions on Washington's trade policies, operate an emergency help desk and provide consultations on business strategies that it says may include diversification of export destinations and relocation of manufacturing facilities.

It also plans to devise a set of strategies to bolster the global competitiveness of carmakers and other major industries.

In a related development, Trade Minister Cheong In-kyo will visit Washington later this week to meet with US officials for tariff negotiations.

The ministry will continue negotiations on topics discussed during the bilateral ministerial meeting in February, he said in a statement.

Vowing to work to promote the interests of both Seoul and Washington, Cheong said he would stress the need for a stable environment for South Korean companies' investments in the US.