Government and KITA Hold Meeting on U.S. Trade Issues
25% Steel Tariffs Followed by Reciprocal Tariffs Expected Early Next Month
Major Export Companies Including Samsung, Hyundai Motor, and POSCO Gather
"Minimizing Tariff Impact... Strategic Government Response Needed"
Export companies in South Korea, caught in the impact zone of the 'tariff bomb' triggered by the Trump administration, met with senior government officials to voice their difficulties. Following the imposition of tariffs of around 25% on steel and aluminum, concerns among companies have grown as the possibility of reciprocal tariff normalization on the 2nd of next month increases. The government plans to reduce the tariff impact through behind-the-scenes negotiations with the United States and prepare support measures tailored to companies.
On the 25th, Jung In-kyo, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, said at the 'Trade and Commerce Issues with the U.S. Meeting' jointly hosted by the Korea International Trade Association and the Ministry of Trade, Industry and Energy at COEX in Gangnam-gu, Seoul, "We are actively negotiating with the U.S. to request tariff exemptions and at least to avoid imposing discriminatory tariffs compared to other countries," adding, "We are also actively informing them that trade barriers have been largely removed through the Korea-U.S. Free Trade Agreement (FTA)."
Yoon Jin-sik, Chairman of the Korea International Trade Association, Jung In-kyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, executives from major export companies and associations are taking a commemorative photo on the 25th at COEX in Gangnam-gu, Seoul, during the "Korea-US Trade and Commerce Issues Meeting" jointly hosted by the Korea International Trade Association and the Ministry of Trade. Photo by Korea International Trade Association
Director General Jung stated, "We will continue to consult with the U.S. administration to protect the interests of our companies to the maximum extent," and added, "We will firmly respond to unfair trade attempts by foreign countries by strengthening monitoring of unfair imports, including revising laws to prevent circumvention dumping and institutionalizing the submission of quality inspection certificates for steel products."
The closed-door meeting was attended by Director General Jung In-kyo, Korea International Trade Association Chairman Yoon Jin-sik, and executives from major export sectors to the U.S., including automobile, semiconductor, transformer, steel, and home appliances associations and organizations, who exchanged opinions.
From the companies, executives responsible for trade affairs attended, including Kang Yeon-ho, Executive Director of Samsung Electronics; Yoon Hoon-ki, Executive Director of LG Electronics; Lee Jun-young, Executive Director of Hyundai Motor Company; Bae Jin-sung, Group Leader of POSCO; Shin Seung-hoon, Executive Director of Hyundai Steel; Kim Joo-yoon, Executive Director of HD Hyundai Electric; Kang Hyun-beom, Executive Director of HD Hyundai Energy Solutions; and Park Tae-young, Executive Director of Hyosung Heavy Industries.
One company executive said, "The trade policies of the Trump administration are changing moment by moment, making it difficult for companies to keep pace," adding, "We want to convey our concerns and difficulties to the government through today's meeting and hear what policies the government is preparing for companies. It is a time when cooperation between the government and companies is necessary."
An official from the Ministry of Trade, Industry and Energy explained, "We plan to share what negotiations the government is conducting behind the scenes and the information the government has gathered on U.S. trade policies and trends," adding, "We will listen carefully to what companies are curious about and where they feel difficulties and prepare necessary measures."
Yoon Jin-sik, Chairman of the Korea International Trade Association, Jung In-kyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, executives from major export companies and associations are discussing trade issues such as the U.S. administration's tariff measures at the "Korea-U.S. Trade and Commerce Issues Meeting" jointly hosted by the Korea International Trade Association and the Ministry of Trade on the 25th at COEX in Gangnam-gu, Seoul. Photo by Korea International Trade Association
At the closed-door meeting, companies requested the government's role to minimize the impact of the reciprocal tariffs scheduled for early next month on South Korea's exports to the U.S., in addition to the tariffs imposed on steel and aluminum.
In particular, the need for active trade responses such as negotiating tariffs at levels equal to competing countries and policy support to strengthen the export competitiveness of the domestic industry was mentioned. There was also a strong request for the government to take strategic measures against concerns that competitor products, which have difficulty exporting to the U.S., might enter the Korean market and cause disruption or be exploited as a detour route for exports to the U.S.
The Korea International Trade Association plans to hold monthly sector-specific meetings starting with this meeting to listen to industry difficulties. They are also preparing measures to reduce the impact of future trade actions.
Yoon Jin-sik, Chairman of the Korea International Trade Association, said, "Since the inauguration of the Trump administration, the U.S.-led nationalism and protectionist measures have put the multilateral trade system built over the past several decades at risk," and urged, "I hope that the government and industry will come together for active discussions to maintain the driving force of exports to the U.S."
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