The South Korean government met to draw up measures to respond to changes in U.S. tariff policy. The Ministry of Trade, Industry and Energy said Minister Kim Jeong-gwan (김정관) chaired a joint public-private countermeasures meeting on Feb. 23 at the Korea Chamber of Commerce and Industry in Seoul. The meeting discussed responses to a U.S. federal Supreme Court ruling that the International Emergency Economic Powers Act violated the law and was invalid, and to the U.S. administration’s announcement of additional tariff measures. Economic groups, major sector associations, related agencies and government ministries attended.

At the meeting, participants reviewed the impact on South Korean industry and exports and gathered views from businesses after the U.S. administration announced follow-up steps, including global tariffs under Section 122 of the trade law and a plan for a Section 301 investigation. They also discussed future response measures.

Attendees included the trade minister and officials such as the deputy minister for trade, the director general for multilateral trade and legal affairs, the director general for industrial policy and the director general for trade policy. Related ministries also attended, including the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Climate, the Ministry of Health and Welfare, the Ministry of SMEs and Startups and the Korea Customs Service. Economic groups and support organisations also participated, including the Korea Chamber of Commerce and Industry, the Korea International Trade Association, the Korea Federation of SMEs, the Korea Employers Federation and KOTRA. Representatives from sector associations covering automobiles, semiconductors, batteries, machinery, chemicals, home appliances, steel, biotech, cosmetics and other industries also attended.

Participants said they expected moves such as a uniform global 15 percent tariff applied to items currently covered by reciprocal tariffs through Section 122, and the start of a Section 301 investigation, while Section 232 product tariffs remain in place. As further steps by the U.S. side could have complex effects on South Korea’s industry and exports, participants agreed that the public and private sectors should communicate closely and respond jointly to global trade uncertainty, the ministry said.

The government plans to closely track follow-up measures by the U.S. side and moves by other countries. It said it would work actively to minimise uncertainty for the South Korean economy and companies.

Kim stressed that, under the principle of maximising national interests, the government would maintain close communication with the U.S. side and continue friendly consultations so that the balance of interests secured through a Korea-U.S. tariff agreement and conditions for exports to the United States are not undermined. He said the government would persist with policies to strengthen corporate competitiveness and diversify exports in response to possible changes in export conditions, and would work with related agencies and industry associations to provide timely information to companies amid uncertainty over tariff rebates.