Synopsis
On March 12, the South Korean government announced a full emergency response to U.S. tariffs on steel and aluminum imports. The Ministry of Trade is working to mitigate impacts on local industries through strategic meetings and assistance for affected businesses.Key Takeaways
- South Korea enters emergency response due to U.S. tariffs.
- Meetings with business leaders to strategize.
- Focus on communication with local industries.
- Plans to strengthen global competitiveness.
- Assistance programs for Korean companies affected.
Seoul, March 12 (IANS) The South Korean government is entering a comprehensive emergency response phase as the U.S. tariffs on all steel and aluminum imports came into effect on Wednesday, according to Seoul's industry ministry, in an effort to mitigate the impact of the newly imposed U.S. duties on local industries.
The Ministry of Trade, Industry and Energy convened a meeting with representatives from various business associations, industries, academic institutions, and support organizations to formulate a strategy in response to the Donald Trump administration's new tariff policy.
During the meeting, Industry Minister Ahn Duk-geun emphasized that his ministry would enhance communication with local industries and intensify measures to counter the U.S. tariffs to safeguard the interests of Korean companies, as reported by Yonhap news agency.
"We will strive to arrange discussions between senior trade officials from Seoul and Washington for negotiations, and closely observe the response strategies of other major nations affected by the U.S. tariffs," he stated.
This meeting occurred as the Trump administration's 25 percent duties on all steel and aluminum imports commenced at 1:01 p.m. (Korea time).
Last year, South Korea was the fourth-largest exporter of steel to the U.S., contributing approximately 9 percent to Washington's steel imports, according to data from the U.S. International Trade Administration (ITA).
The nation was also the fourth-largest aluminum exporter to the U.S., accounting for around 4 percent of the U.S.' aluminum imports.
Additionally, Washington is planning to impose tariffs on various other products, including automobiles, semiconductors, and pharmaceuticals, as well as reciprocal tariffs on its trading partners in the near future.
To assist Korean companies in responding to the U.S. duties, the industry ministry intends to conduct briefing sessions on Washington's trade policies, establish an emergency help desk, and provide consultations on potential business strategies, which may include diversifying export markets and relocating manufacturing facilities.
The ministry also aims to devise a comprehensive set of strategies to enhance the global competitiveness of automobile manufacturers and other key industries.
