Acting Chief Choi on Steel and Aluminum Tariffs: "There Is Time Until Enforcement... Promoting Consultations with the U.S."

Choi Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Strategy and Finance, stated on the 11th regarding the U.S. steel and aluminum tariff imposition that "Since there is time until the effective date on the 12th of next month, we will utilize all available channels for cooperation with the U.S. and consult with the American side through high-level visits to the U.S."

Acting President Choi made these remarks at an emergency meeting on external economic issues held at the Government Seoul Office.

The meeting was attended by Ahn Duk-geun, Minister of Trade, Industry and Energy; Cho Tae-yeol, Minister of Foreign Affairs; Sung Tae-yoon, Chief of Policy Office of the Presidential Secretariat; and Bang Ki-seon, Director of the Office for Government Policy Coordination. The meeting was quickly arranged following U.S. President Donald Trump's announcement the previous day to impose a 25% tariff on steel and aluminum. The U.S. 25% tariff on steel and aluminum will be fully applied to South Korea as well.

Choe Sang-mok, Acting President and Deputy Prime Minister as well as Minister of Economy and Finance, is delivering opening remarks at the External Economic Issues Meeting held on the 11th at the Government Seoul Office in Jongno-gu, Seoul.

Acting President Choi said, "We will also monitor the trends of countries experiencing similar situations such as Japan and the European Union (EU) and discuss response measures together," emphasizing, "We will expand points of contact with the new U.S. administration not only through diplomatic and security communication lines but also by supporting private sector contacts with the U.S."

He continued, "We plan to pursue response strategies including analysis of export competitiveness to the U.S. following the abolition of the steel quota that has been maintained so far," adding, "We will monitor the trends of related companies in the U.S. in real time through local diplomatic missions and think tanks and expand cooperation channels with our companies."

He also stated that to systematically respond to changes in trade policies of major countries such as the U.S. and China and to strengthen trade defense functions, they will enhance capabilities by expanding the organization of the Trade Commission under the Ministry of Trade, Industry and Energy.

Acting President Choi added, "Although there are concerns about the deterioration of industry profitability, since there are also opportunities under equal competitive conditions, we will communicate with the industry and prepare measures to strengthen the competitiveness of the steel industry."