Minister Cho Gyu-hong. /Yonhap News

The Ministry of Health and Welfare submitted a government opinion letter to the U.S. Department of Commerce on 4th (local time) stating that tariff measures on Korean pharmaceuticals are unnecessary, it announced on the 6th.

The U.S. Department of Commerce announced on 1st of last month (local time) that it would initiate a national security investigation into the importation of pharmaceuticals and related ingredients under Section 232 of the U.S. Trade Expansion Act. The department will accept written opinions from 16th of last month to 7th of this month.

The government emphasized through the opinion letter that the importation of Korean pharmaceuticals does not pose a threat to U.S. national security and, on the contrary, contributes to stabilizing supply chains and improving patient accessibility, thus making tariff measures unnecessary.

U.S. President Donald Trump noted on the 5th (local time) that he would announce the item-specific tariff on pharmaceuticals within the next two weeks. Accordingly, a decision on whether to impose tariffs on Korean pharmaceuticals is expected within the next two weeks.

Minister Jo Gyu-hong stated, "In order to minimize the impact on the biopharmaceutical industry, including pharmaceuticals, medical devices, and cosmetics, we will strengthen government-wide responses" and added, "We will actively engage in government-wide trade negotiations in cooperation with relevant ministries such as the Ministry of Industry, carefully monitor the tariff trends for pharmaceuticals, and actively review and pursue support measures for our industry."

Meanwhile, the Ministry of Health and Welfare and the Korea Health Industry Development Institute have started operating the "Biohealth Industry Tariff Damage Support Center" since 25th of last month to minimize the damage from U.S. tariff measures to domestic biohealth corporations.

Export corporations in the biohealth sector facing difficulties due to tariffs can receive consultation and support regarding damage cases and difficulties through the representative email (tariff@khidi.or.kr), phone (043-713-8551), and the website of the Korea Health Industry Development Institute (https://www.khidi.or.kr). The Korea Trade-Investment Promotion Agency (KOTRA) also operates a unified consultation window for U.S. trade responses called "Tariff Response 119" to assist domestic corporations with tariff rate verification and overseas investment.