The U.S. government notified that it would maintain a 25% reciprocal tariff on Korean goods, while the Ministry of Economy and Finance held a market monitoring meeting to discuss financial market response measures.
According to the Ministry of Economy and Finance, First Vice Minister Lee Hyung-il chaired the market monitoring meeting at 8:30 a.m. on the 8th to assess the market impact of the U.S. tariff measures. Attendees included the International Financial Center and relevant departments within the Ministry.
The U.S. notified 14 countries, including Korea, of the reciprocal tariff rate. For Korean products, it maintained the 25% tariff rate while extending the implementation date from July 9th to August 1st.
Immediately after the tariff letter was sent, the U.S. stock market fell slightly, and there was increased volatility across international financial markets, with the dollar showing strength. As of the 8th, the S&P 500 index fell by 0.79% compared to the previous day, and the dollar index rose by 0.4%. The yield on U.S. 10-year government bonds increased by 3 basis points.
A Ministry official noted, "In the future, market volatility could increase depending on the progress of tariff imposition." They added, "If the market situation diverges excessively from our economic fundamentals, we plan to take immediate and bold actions according to the pre-established response plan based on the circumstances."
The government stated that it would closely monitor the trends related to U.S. tariffs and their impacts on the financial and real economy under close coordination among relevant agencies.