South Korea Engages with US Over Tariff Strategies: Trade Minister
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Synopsis
The South Korean government is actively engaging with the United States regarding new tariff measures, as highlighted by the Trade Minister. This effort aims to alleviate uncertainties affecting local industries amidst rising concerns over U.S. trade policies. The Deputy Trade Minister is currently in Washington for discussions.
Key Takeaways
- South Korea is in talks with the U.S. about new tariffs.
- The goal is to reduce uncertainties for local industries.
- Trade Minister calls for better cooperation with think tanks.
- Deputy Trade Minister is in Washington for discussions.
- Consumer sentiment has seen significant improvement.
Seoul, Feb 20 (NationPress) The South Korean administration has been in dialogue with the United States regarding its proposed imposition of new tariffs, aimed at mitigating uncertainties for local industries, stated Seoul's trade minister on Thursday.
Trade Minister Cheong In-kyo made these comments during a meeting with the leaders of prominent local think tanks, which focused on South Korea's approach to the protective trade policies initiated by U.S. President Donald Trump, as reported by his office.
The gathering included heads from nine research institutions, such as those affiliated with Samsung Group, Hyundai Motor Group, POSCO Group, and LG Group, according to Yonhap news agency.
This meeting took place amidst growing apprehensions concerning the U.S. government’s intention to impose tariffs on a range of products from various nations, including steel, aluminum, and automobiles, as well as reciprocal tariffs affecting the U.S.'s key trading allies.
“We are maintaining our communication channels with the U.S. to address the implementation of diverse U.S. trade measures and assist local industries in navigating uncertainties,” Cheong remarked, emphasizing the need for enhanced collaboration between the government and think tanks to formulate a response strategy.
South Korea's Deputy Trade Minister Park Jong-won is presently in Washington to engage with U.S. government representatives and discuss the ramifications of Trump's trade policies on Korean industries.
In other news, South Korea's consumer sentiment saw its most significant rise in nearly four years in February, driven by expectations for a stable domestic political climate following the martial law turmoil and government support for industries, as indicated by a central bank survey conducted on Thursday.
The composite consumer sentiment index reached 95.2 this month, reflecting a 4-point increase from the previous month's 91.2, based on the survey by the Bank of Korea (BOK).
This February figure represents the most substantial increase since June 2021, when the index rose by 5.4 points.
Additionally, it marks the second consecutive monthly increase, as the index rebounded in January from a two-year low of 86.6, following President Yoon Suk Yeol's unexpected martial law declaration and subsequent impeachment, which had negatively impacted the market.
A score above 100 indicates that optimists surpass pessimists, while a score below the benchmark reflects the contrary.
