Synopsis
On April 8, South Korea's Finance Minister Choi Sang-mok announced that the government will implement measures to lessen the impact of U.S. tariffs by monitoring reactions from other countries. He emphasized the need for ongoing strategies to support businesses during this challenging time.Key Takeaways
- Government's proactive approach to mitigate U.S. tariffs.
- Ongoing monitoring of international responses.
- Support for businesses during challenging conditions.
- Concerns over potential U.S. tariffs on copper imports.
- KITA's stance on Korean copper and national security.
Seoul, April 8 (NationPress) Finance Minister Choi Sang-mok stated on Tuesday that the government will take the most effective actions to reduce the repercussions of U.S. tariffs by closely observing the responses from other key nations.
Choi made this statement during a session with specialists aimed at gathering insights regarding the trade policies of the U.S. administration, including specific reciprocal tariffs, such as a 25 percent duty on South Korean products, which is set to commence on Wednesday (U.S. time).
"Given that responding to the U.S. tariffs will be an ongoing process and will require time, the government will devise a comprehensive strategy by monitoring the actions of other nations," Choi was quoted as saying by the finance ministry.
He also reaffirmed the government’s dedication to enhancing assistance for businesses to help them cope with this challenging period, indicating that measures for critical sectors would be prioritized.
The participants advised the government to meticulously observe the varied reactions from different stakeholders in the United States, according to the ministry.
In the meantime, the Korea International Trade Association (KITA) expressed concerns over a potential U.S. initiative to impose tariffs on copper imports, as stated on Tuesday, amidst an ongoing U.S. investigation into copper imports.
The U.S. Department of Commerce (DOC) initiated the investigation on March 10 under Section 232 of the 1962 Trade Expansion Act to evaluate the national security implications of copper imports and related products. The DOC accepted public comments from interested parties until April 1.
Section 232 permits the U.S. president to impose import restrictions if it is found that imports of a specific item pose a threat to national security.
In its correspondence to the DOC, KITA asserted that Korean copper products do not jeopardize U.S. national security and actually contribute to the stability of U.S. supply chains.
KITA highlighted that South Korean copper represented merely 3.5 percent of total U.S. imports last year, emphasizing South Korea's ongoing investments in the U.S. copper industry through companies like LS Cable & System and Poongsan Corp.
