South Korea Acting President: "Concerns Over Impact on Auto Industry Due to Tariffs... Will Communicate with US Government"

Han Duck-soo Meets with Heads of Six Economic Organizations
"Swift Action While Listening to the Voices of Businesses"

Prime Minister and Acting President Han Duck-soo said on the 27th, "Today, the U.S. government decided to impose a 25% tariff on automobiles produced abroad, raising concerns that our key industry, the automobile sector, could be significantly affected," and stated that he would communicate with the U.S. government.

Yonhap News

Acting President Han met with the heads of six economic organizations in Samcheong-dong, Jongno-gu, Seoul, at the Prime Minister's official residence in the afternoon and said, "Our economy is facing difficulties as external factors such as increased uncertainty in the trade environment and technological advancements by competing countries, as well as internal factors like unstable domestic political situations and sluggish domestic demand, persist."

He added, "With the U.S. declaring on April 2nd the imposition of reciprocal tariffs, the global tariff war has become a reality, further exacerbating the difficulties of our economy," and emphasized, "the government recognizes the current situation with utmost seriousness and will devote all wisdom and capabilities to overcome the crisis we face and protect the national interest and industries of the Republic of Korea."

He continued, "In the context of the trade war, to prioritize protecting our companies, we will develop response strategies together with businesses and focus on customized corporate support," and explained, "Furthermore, to minimize the damage to our companies, the government and the private sector will utilize all available networks to communicate with the U.S. government."

Acting President Han added, "Moreover, to support stable business activities and investments by companies, we will listen carefully to the voices of business leaders at the forefront of the economy and promptly take necessary measures."

He expressed confidence, saying, "If companies, the government, and the public unite as 'one mind' and make every effort, we can surely overcome the current crisis," and explained, "The spirit of innovation and challenge that businesspeople have shown during every crisis is needed."

He then urged, "I ask the economic organizations gathered here today to take the lead and lend their strength so that the public and private sectors, as one team, can overcome the current crisis," and said, "The government will do everything it can in cooperation with the private sector and economic organizations."

Attending the meeting were Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry; Ryu Jin, Chairman of the Korea Economic Association; Yoon Jin-sik, Chairman of the Korea International Trade Association; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business; and Choi Jin-sik, Chairman of the Korea Federation of Medium-sized Enterprises.

On the same day, the heads of the six economic organizations reportedly requested Acting President Han to exercise the right to request reconsideration (veto power) on the amendment to the Commercial Act, which was passed by the National Assembly plenary session led by the opposition party on the 13th. The deadline for promulgation or veto processing of the bill is until the 5th of next month.