Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy said on the 3rd that "we will closely analyze the impact of the U.S. tariff measures on our economy, industry, and exports in cooperation with the industry and prepare support measures for each sector."
On the same day, Minister Ahn held a meeting with the Korea Chamber of Commerce and Industry on "joint public-private measures for U.S. tariff actions" and noted, "To minimize damage to our corporations, we will continue to promote close consultations with the U.S. at various levels, including a ministerial delegation, the Chief Trade Negotiator, and working-level visits to the U.S."
The government discussed the impact on our corporations and response measures with economic groups, research institutions, and industry representatives during the meeting on response measures to the U.S. mutual tariff actions.
Prior to this, on the previous day (local time), the U.S. government announced that it would impose a basic tariff of 10% on all countries based on the International Emergency Economic Powers Act (IEEPA) and additionally apply mutual tariffs on major trade deficit countries such as South Korea, Japan, and the European Union.
South Korea was subjected to a total tariff of 25%, with a basic tariff of 10% and a mutual tariff of 15%. This is the same tariff rate imposed on Canada and Mexico, and is higher compared to Japan (24%) and the European Union (20%).
President Trump announced that there would be no overlapping application of tariffs on items previously announced, including automobiles and steel/aluminum, copper, pharmaceuticals, semiconductors, lumber, and certain minerals not produced in the U.S.