Seoul, March 31: South Korea is making all-out efforts to fully prepare for the U.S. administration’s imposition of reciprocal tariffs, Seoul’s top trade official said on Monday, vowing strong support for businesses expanding into new markets.
Trade Minister Cheong In-kyo made the remarks during a meeting with exporters in Seoul, as U.S. President Donald Trump’s government is set to announce reciprocal tariffs aimed at matching the tariffs imposed by other nations on U.S. exports Wednesday (U.S. time).
“We are making thorough preparations to respond to the U.S. announcement on reciprocal tariffs, set for April 2. We have been in continuous negotiations with the U.S. to best protect our companies’ interests,” Cheong was quoted as saying by the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
“We will also enhance support for exporters seeking alternative markets to brace for the spread of protectionism among major economies,” he added, according to the ministry.
The new tariff scheme is expected to impact South Korean companies and the broader economy, as exports serve as the country’s key growth engine.
Exporters called on the government to play an active role in minimizing the impact of the U.S. tariff policy, according to the ministry.
Meanwhile, acting President Han Duck-soo vowed last week to provide tailored assistance to businesses to protect them against a global “trade war.”
Han made the remark during a meeting with the leaders of six major business lobbies, including the Korea Chamber of Commerce and Industries and the Federation of Korean Industries, noting U.S. President Donald Trump’s announcement of 25 percent tariffs on all imported vehicles.
“Our economy is in difficulty as externally, there is growing uncertainty about the trade environment and technological competition from rival nations, while internally, the domestic political situation is unstable and sluggish domestic demand continues,” he said during the meeting at his official residence.(IANS)