Seoul, March 12 : The South Korean government will go into a full emergency response mode as the U.S. tariffs on all steel and aluminum imports went into effect on Wednesday, Seoul’s industry ministry said, amid efforts to minimise the impact of new U.S. duties on local industries.
The Ministry of Trade, Industry and Energy held a meeting with officials from various business associations, industries, academic institutes and support institutions to devise a strategy for the Donald Trump administration’s new tariff scheme.
In the meeting, Industry Minister Ahn Duk-geun said his ministry will strengthen communication with local industries and beef up response measures against U.S. tariffs to protect the interests of Korean companies, reports Yonhap news agency.
“We will work to arrange meetings between senior trade officials from Seoul and Washington for negotiations, and closely monitor response measures of other major countries affected by the U.S. tariffs,” he said.
The meeting took place as the Trump administration’s 25 per cent duties on all steel and aluminum imports kicked off at 1:01 p.m. (Korea time).
South Korea was the fourth-largest exporter of steel to the U.S. last year, accounting for 9 percent of Washington’s steel imports, according to data from the U.S. International Trade Administration (ITA).
The country was also the fourth-biggest exporter of aluminum to the U.S., taking up about 4 percent of the U.S.’ aluminum imports.
Washington also plans to impose levies on various other goods, including automobiles, semiconductors and pharmaceuticals, as well as reciprocal tariffs on its trading partners, in the near future.
To help with Korean companies’ response to U.S. duties, the industry ministry plans to hold briefing sessions on Washington’s trade policies, operate an emergency help desk and provide consultations on business strategies that it says may include diversification of export destinations and relocation of manufacturing facilities.
The ministry also plans to devise a set of strategies to bolster the global competitiveness of carmakers and other major industries. (IANS)