How South Korea Plans to Tackle New US Tariffs: Insights from Finance Minister Choi Sang-mok

South Korea's Strategy Against US Tariffs

Seoul: On Tuesday, Finance Minister Choi Sang-mok announced that the South Korean government is committed to implementing effective strategies to lessen the impact of impending US tariffs. This announcement came during a meeting with trade experts focused on the US's trade policies, particularly the new 25% tariff on South Korean products set to begin on Wednesday (US time).

Choi emphasized that responding to these tariffs will be an ongoing process, requiring careful observation of how other nations react. He stated, "The government will devise a comprehensive strategy by monitoring the actions of other countries."

Additionally, he reiterated the government's dedication to enhancing support for businesses during this challenging time, prioritizing urgent sectors that require immediate assistance.

Experts at the meeting advised that the government should closely track the diverse reactions from various stakeholders in the United States.

In a related concern, the Korea International Trade Association (KITA) expressed apprehension regarding a potential US decision to impose tariffs on copper imports. This concern arises amid an ongoing investigation by the US Department of Commerce (DOC) into copper imports, initiated on March 10 under Section 232 of the 1962 Trade Expansion Act, which evaluates the national security implications of such imports.

KITA submitted a letter to the DOC arguing that South Korean copper products do not pose a threat to US national security and actually contribute to the stability of US supply chains. They highlighted that South Korean copper constituted only 3.5% of total US imports last year and pointed out the significant investments made by LS Cable & System and Poongsan Corp. in the US copper industry.