Export Industries Urge Government Action on Impending U.S. Tariffs

Seoul: South Korean export industries called for government efforts to minimize the impact of the United States' reciprocal tariffs to be announced next week and measures to protect the domestic market from unfair trade activities, the industry ministry said Tuesday.

According to Yonhap News Agency, officials from major export companies in the automotive, steel, solar power, home appliances, and other industries made the call in a meeting with Trade Minister Cheong In-kyo. This meeting, convened by the Ministry of Trade, Industry and Energy, aimed to discuss South Korea's response strategy ahead of the U.S. administration's plan to announce country-by-country reciprocal tariffs on April 2.

In the meeting, business leaders urged the government to engage in "active" negotiations with the U.S. administration to mitigate the potential impact of these tariffs on Seoul's exports. Additionally, they called for measures to shield domestic industries from an anticipated influx of unfairly cheap products entering the Korean market as a result of significant U.S. duties.

Trade Minister Cheong In-kyo assured the industry representatives that the government, through ministerial-level meetings, has been conveying their concerns to the U.S. administration. He emphasized the government's commitment to continue negotiations with Washington to safeguard the interests of South Korean companies.

Cheong also highlighted the government's intention to respond "sternly" to unfair trade practices by foreign countries. This includes strengthening the Korea Trade Commission's authority, enhancing import monitoring, and revising laws to prevent the circumvention of anti-dumping duties. Furthermore, he mentioned that the government plans to hold regular meetings with exporting companies to address trade uncertainties.