"Sixty-five percent of domestic automobile production depends on exports to the U.S., and there are concerns that domestic production will shrink due to tariff impacts. The localization rate is lower than Japan, making the shock even greater. Comprehensive countermeasures are needed to address the competitiveness gap with the European Union (EU) and Japan, diversify export regions, enhance future vehicle competitiveness, and expand liquidity support." (Lee Ji-han, Director of Trade Cooperation at the Korea Automobile & Mobility Association)

"In the shipbuilding sector, while the direct impact is limited compared to other countries, the U.S. seeks cooperation with Korea in an effort to contain China, and we need to leverage that possibility." (Yang Jong-seo, Senior Researcher at The Export-Import Bank of Korea's International Economic Research Institute)

People Power Party's Song Eon-seok, the chair of the emergency committee and floor leader, speaks at the 'Countdown to the Korea-U.S. Trade Negotiations, Emergency Forum for the Industry and National Assembly for the National Interest of Korea Amid the Tariff War' held on the 11th at the National Assembly Member's Office Building in Yeouido, Seoul, hosted by Na Kyung-won's office. /Yonhap News

As the Trump administration officially informed that it would impose a 25% reciprocal tariff on all products from Korea starting August 1, key industry officials urged proactive responses at an emergency forum held by the People Power Party on the 11th at the National Assembly's member meeting hall.

Korea is already under the influence of tariffs imposed by the U.S. Currently, tariffs of 25% are applied to finished vehicles and parts, and 50% on steel and home appliances, leading to noticeable declines in exports. According to customs statistics, the export value of finished vehicles to the U.S. in May this year was $2.512 billion, a 27.2% decrease compared to the same period last year. During the same period, exports of automotive parts also fell by 3.4%.

Cho Sung-dae, Director of the Trade Research Department at the Korea International Trade Association, expressed concern, saying, "Additional impacts on derivative products and small and medium-sized enterprises are expected," and noted that "exports to the U.S. could decline even more rapidly after June."

Jung In-gyo, a professor at Inha University’s Department of International Trade, warned, "The reciprocal tariff is just a starting point. There is a high possibility that after obtaining the desired results in reciprocal tariff negotiations, the U.S. will impose additional tariffs on key items such as automobiles and steel." He added, "Item tariffs will act as a 'precision strike missile' that will have a greater impact on our industries."

Jang Seong-gil, Director of the Trade Policy Bureau at the Ministry of Trade, Industry and Energy, explained, "The U.S. side is demanding the opening of agricultural products, including U.S. crude oil and liquefied natural gas (LNG), and in response to the U.S. strategy of attempting to link trade issues with diplomatic and security issues for a comprehensive settlement, the government is making a concerted effort with the industry."

Na Kyung-won, a member of the People Power Party who hosted the forum, emphasized, "The seriousness of the impact that U.S. tariff imposition has on our industries is greater than we think," and added, "Since the Korea-U.S. trade issue is related to national interests and industry, I will actively work together to ensure that the voices of the opposition are well captured and contribute positively to national interests."