Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok noted regarding the response to the imposition of tariffs by the United States, "We are preparing to mobilize all available measures, including support for sectors expected to be affected such as automobiles and plans to expand the supply of shipbuilding refund guarantees to capture opportunity factors," and added, "We plan to announce these sequentially starting next week."
Deputy Prime Minister Choi held a meeting on the 3rd at the Government Seoul Office with heads of six public and private research institutions, including the Korea Development Institute, to discuss responses to the reciprocal tariff imposition by the United States.
Deputy Prime Minister Choi said, "We need to carefully analyze the impacts of the U.S. government's tariffs on our economy and industry, and based on this, seek support measures for the affected institutional sectors and negotiation strategies with the U.S." He also said, "To ensure that excessive anxiety does not arise in the market, both the public and private sectors must respond as 'one team' and actively propose ways to capture opportunity factors amid changing trade conditions."
The heads of the research institutions attending the meeting mentioned that while negative impacts on our economy, which has a high export dependence, are expected, there are also opportunity factors in shipbuilding and steel. They emphasized the need for export support, such as trade finance and export vouchers, to minimize the shock to the economy and industry, and requested that the 'essential supplementary budget' be swiftly pursued.