Prime Minister Han Duck-soo, acting president, said on the 3rd regarding the U.S. setting a 26% reciprocal tariff on Korea, "I will announce emergency support measures for the automobile industry, where tariffs are immediately applicable, by next week."
On the same day at 4 p.m., Han held the third meeting of the Economic Security Strategy Task Force (TES) at the Prime Minister's residence in Samcheong-dong, Jongno-gu, Seoul, and noted, "In the short term, there are concerns about a decrease in exports to the U.S., and in the long term, the hollowing out of domestic industries and damage to the industrial ecosystem. Therefore, the government will quickly prepare a response plan." The Economic Security Strategy Task Force meeting was held twice on this day.
He said, "This U.S. tariff measure represents a turning point that could alter the international free trade order and the global supply chain structure itself, posing a significant burden on our export-driven economy," adding, "We will also quickly prepare support measures for vulnerable sectors and industries, including small and medium-sized enterprises, in collaboration with the relevant ministries."
He continued, "Amid this crisis, the government will do its utmost in negotiations with the U.S. to minimize damage to our corporations," stating, "We will promptly promote the head of the Trade Negotiation Headquarters' visit to the U.S. and carry out close consultations with the U.S. at all levels, while focusing on mutually beneficial solutions based on the Korea-U.S. alliance and economic and trade cooperation relations."
Han stated, "Through communication between the government and the private sector via meetings of the Economic Security Strategy Task Force and industry-specific relay discussions, we will continue to coordinate efforts as one team," adding, "Taking the U.S. tariff measures as an opportunity, we will fundamentally improve the constitution of our industries and dramatically rationalize unreasonable systems and practices."