WNAM REPORT: The Seoul government will hold an export strategy meeting next week to discuss measures aimed at minimizing the impact of the latest U.S. tariff escalation, acting President Choi Sang-mok said Wednesday.
On Monday (U.S. time), U.S. President Donald Trump announced plans to impose a 25 percent tariff on all steel and aluminum imports. He further stated that his administration would unveil “reciprocal tariffs” this week while also considering new tariffs on vehicles, semiconductors and pharmaceuticals.
“Uncertainty in the global trade environment is increasing,” Choi said during a meeting with ministers on economic issues.
Choi emphasized that the government will thoroughly assess the potential impact of the U.S. tariffs on various industries and take preemptive and comprehensive countermeasures if necessary.
As part of efforts, Choi said the government will hold the strategy meeting to discuss support measures for businesses and explore ways to diversify export markets.
Additionally, the government plans to strengthen support for the biopharmaceutical sector, one of the country’s key growth industries.
“Proactive measures will be taken to mitigate risks by connecting pharmaceutical and cosmetics development firms with Korean-affiliated companies that have production facilities in the U.S.,” Choi added.
