The government decided to establish measures in response to the United States' drug item tariff.
On the 22nd, Kim Beom-suk, acting Minister of Economy and Finance, held the 5th government-wide domestic response task force (TF) meeting on trade issues at the Government Seoul Building.
Attendees included officials from the Ministry of Science and ICT, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Health and Welfare, Ministry of Oceans and Fisheries, Ministry of Small and Medium Enterprises and Startups, Ministry of Employment and Labor, and the Financial Services Commission.
At this meeting, attendees reviewed the export impacts in major sectors such as pharmaceuticals, agricultural products, and information and communications technology (ICT), and discussed response measures.
Regarding pharmaceuticals, it was decided to swiftly prepare support measures if the United States specifies the imposition of tariffs based on the opinions of pharmaceutical and bio corporations.
In the case of agricultural products, while exports to the U.S. have increased compared to the previous year, the U.S. is both the largest export market for agricultural products and a market with growth potential due to the K-food boom, so the government decided to closely monitor the impact of tariffs.
The government plans to implement various support measures to alleviate the burden on agricultural product export corporations, including finance, vouchers, marketing, insurance, and logistics infrastructure.
On that day, attendees checked the on-site difficulties faced by major export corporations and discussed response directions. They listened to the opinions of various industries such as steel, machinery, and cosmetics by visiting the one-stop tariff response support center. They also identified issues such as lack of trade information, delayed, postponed, or canceled contracts, cost burdens related to raw materials, and difficulties in discovering new markets.
The government noted, "In the future, we will strengthen communication by actively guiding export support systems with relevant agencies to alleviate corporate anxiety and resolve issues," and added, "We plan to continue relay field visits."