Future Discussions on Responses with Countries in Similar Situations to Be Pursued
Jung In-kyo, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, stated on the 5th, “The government will mobilize all available policy tools, such as emergency export measures and support measures for reshoring companies, to prepare for the global spread of tariff measures.”
On that morning, at the Korea Chamber of Commerce and Industry in Seoul, Director Jung presided over an urgent meeting to examine the current responses of major countries to the Trump administration’s tariff measures. The meeting reviewed the announcement and deferral of tariff measures against Canada and Mexico, the additional tariff measures against China, and the potential expansion to other countries and items. The status of domestic companies operating abroad was also assessed, and government support measures were discussed.
The meeting was attended by trade officials and trade center heads from the United States, Canada, Mexico, China, and Japan. Director Jung stated, “The trade authorities will monitor related trends 24/7 through local diplomatic missions and immediately launch a ‘help desk’ at KOTRA trade centers to support our companies facing challenges.”
The attending trade officials and KOTRA trade center heads agreed to share the response status of the host country governments and domestic companies operating abroad, industry proposals, and to establish local response systems.
Moving forward, the Ministry of Trade, Industry and Energy announced plans to hold additional local response inspection meetings regarding tariff measures, including other major countries such as the EU, and to actively pursue discussions on response strategies with countries in similar situations.