Industry Minister Kim Jung-kwan, regarding the U.S. Supreme Court’s ruling on reciprocal tariffs and the Biden administration’s additional tariff measures, stated, “We will continue friendly consultations with the U.S. side to ensure that export conditions to the U.S. are not undermined despite changes in America’s tariff policies.” He added that communication between the two countries and the process of selecting U.S.-bound investment projects are proceeding without issues.
Minister Kim chaired a ‘Public-Private Joint Countermeasure Meeting’ related to the U.S. Supreme Court’s ruling on reciprocal tariffs and additional tariffs at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on the morning of the 23rd.
The meeting was attended by relevant ministries, including the Ministry of Foreign Affairs, Ministry of Agriculture, Food and Rural Affairs, Ministry of Climate, Energy and Environment, and the Korea Customs Service, in addition to the Ministry of Industry. From the private sector, heads of industry associations such as the Korea Semiconductor Industry Association, Korea Battery Industry Association, Korea Automobile & Mobility Association, and the Korea Iron & Steel Association participated, along with economic organizations and export support agencies, including the Korea Chamber of Commerce and Industry, Federation of Korean Industries, Korea International Trade Association, Korea Federation of SMEs, and Korea Trade-Investment Promotion Agency.
Minister Kim noted, “The U.S. has declared its policy to impose tariffs under Section 301 of the Trade Act to address unfair trade practices against major countries. Despite the Supreme Court’s ruling on IEEPA violations, America’s tariff policies are expected to continue offensively through alternative measures such as Sections 122 and 301 of the Trade Act.”
Regarding the possibility of South Korea being included in the Section 301 investigation, he said, “We are not making premature judgments,” adding, “We must manage various trade issues to avoid becoming a target.”
He emphasized, “Based on the principle of maximizing national interests, we will continue friendly consultations with the U.S. to ensure that the balance of benefits secured through the Korea-U.S. tariff agreement is not undermined and that the impact on our companies is minimized.”
After the meeting, Minister Kim responded to reporters’ questions, stating that communication with U.S. Secretary of Commerce Howard Lutnick is ongoing regardless of the Supreme Court’s ruling, and that reviews of U.S.-bound investment projects are also in progress.
Source: Chosun