Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, instructed relevant ministries to respond to the tariff imposition executive order by the Donald Trump administration on the 2nd.
At a senior executive meeting held that day, Acting President Choi directed, "Considering the significant impact that the Trump administration's executive order may have on our companies and economy, relevant ministries must closely monitor the trends in the concerned countries and the effects on our companies and respond accordingly," the Ministry of Strategy and Finance announced.
President Trump signed an executive order imposing tariffs on Canada, Mexico, and China under the International Emergency Economic Powers Act (IEEPA) that day.
Accordingly, starting from the 4th, a 10% tariff will be imposed on Canadian energy products, and a 25% tariff on all other products. For Mexico, a 25% tariff will be applied to all products including energy products, and China will face a 10% general tariff.
Acting President Choi emphasized the need for the prompt passage of the Semiconductor Special Act in the National Assembly while reviewing agenda items for the upcoming State Council meeting.
He expressed a welcoming stance toward the recent active discussions on the Semiconductor Special Act, stating, "The government hopes that swift discussions will take place at the State Council to revive people’s livelihoods and the economy."
He added, "In a situation where competition in the advanced semiconductor sector is accelerating worldwide, the Special Act is indispensable to maintain the competitiveness of our semiconductor industry," and mentioned, "This forms the foundation for AI development."
In particular, he pointed out, "Compared to major competing countries, our advanced semiconductor R&D personnel are constrained, so we must create conditions that allow them to work freely."
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