Lee Seung-ryeol (R), deputy minister for industry policy, holds a meeting with officials from the home appliances, display and machinery industries to discuss the response strategy to U.S. reciprocal tariffs in Seoul on April 4, 2025, in this photo provided by the Ministry of Trade, Industry and Energy. (Yonhap)
SEOUL, April 4 (Korea Bizwire) — The government will hold a series of emergency meetings with representatives from major South Korean industries expected to suffer damage from the United States’ hefty tariffs, the industry ministry said Friday.
The Ministry of Trade, Industry and Energy held a meeting with officials from the home appliances, display and machinery industries earlier in the day and plans to hold a separate meeting with those from the rechargeable battery, petrochemical and textiles industries on Monday, according to ministry officials.
In Friday’s meeting, the home appliances, display and machinery companies called for active support measures by the government to minimize U.S. duties’ impact on local businesses, including export vouchers and emergency cash injections.
The companies expressed concerns over a potential drop in their exports to America and increased competition in overseas markets other than the U.S., according to the ministry.
On Thursday, U.S. President Donald Trump unveiled plans to impose 10 percent baseline tariffs on imports from all foreign countries, as well as “reciprocal” tariffs, including 25 percent duties for South Korea, sparking fears of a global trade war.
The baseline and reciprocal tariffs will go into effect on Saturday and Wednesday (U.S. time), respectively.
“The ministry will work to minimize the damage on local companies by closely assessing the effects of reciprocal tariffs in each sector, and use all of the government’s available resources to boost the fundamental competitiveness of our industries,” said Lee Seung-ryeol, deputy minister for industry policy at the ministry.
Separately, Industry Minister Ahn Duk-geun held a high-level officials’ meeting after the Constitutional Court upheld the impeachment of President Yoon Suk Yeol over his short-lived martial law decree in December.
Ahn asked officials, including Trade Minister Cheong In-kyo, to tighten discipline among civil servants following the court’s ruling.
(Yonhap)
