South Korea to enter the “full emergency response mode” to respond to American tariffs

Karachi, Pakistan

South Korea said it will enter a “complete way to respond to emergency situations”, while 25% American tariffs for all steel and aluminum imports have entered into effect on Wednesday.

The Minister of Industry, AHN Duk-Geun, said the new plans aim to minimize the impact of new American duties on local industries, Yonhap News informed.

The commercial, industrial and energy ministries organized a meeting at Seoul with officials from various business associations, industries, academic institutions and support institutions to design a strategy for the new tariff scheme of the Donald Trump administration.

AHN said that his ministry will strengthen communication with local industries and will do response measures to increase American rates to protect the interests of Korean companies.

South Korea was the fourth largest steel exporter in the US last year, representing 9% of Washington steel imports.

The country was also the fourth large aluminum exporter in the US, which represents about 4% of the US aluminum imports.

The Trump administration also intends to impose duties for other goods, including cars, semiconductors and pharmaceuticals, as well as mutual rates on its commercial partners, in the near future.

The Ministry of Industry intends to organize information sessions on Washington’s commercial policies, operate an emergency office, and provide consultations on business strategies, which can include diversifying export destinations and relocating manufacturing facilities.

It also intends to develop a set of strategies to strengthen the global competitiveness of car manufacturers and other major industries.

In a related development, the Minister of Commerce, Cheong In-Kyo, will visit Washington at the end of this week to meet with American officials for tariff negotiations.

The ministry will continue the negotiations on the topics discussed at the Bilateral Ministerial meeting in February, he said in a statement.

Playing to work to promote the interests of both Seoul and Washington, Cheong said he would emphasize the need for a stable environment for the investments of South Korea companies in the US.

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