KCCI: "Close Intergovernmental Consultations Needed"
FKI Holds Emergency Seminar to Discuss Countermeasures
Peter Yeo: "Korea-Japan Strategic Cooperation Needed to Enhance Negotiating Power with the US"
"Tariffs Aim to Secure Tax Revenue... Political Intentions Must Be Considered"
On the 3rd, the Korea Chamber of Commerce and Industry (KCCI) stated regarding the United States' reciprocal tariff policy that it is a "measure that could bring about significant changes to the global trade order," and expressed expectations for close communication and policy coordination between governments.
In a statement released that day, KCCI evaluated that "Korea and the United States have developed an economic partnership based on a free trade agreement, and Korean companies have contributed to the development of American industries through investments and the creation of quality jobs in key sectors such as semiconductors and automobiles."
It added, "We hope that government consultations will be conducted based on the trust built between the two countries during the implementation of reciprocal tariffs, and we will strive to ensure that the voices of the industry are sufficiently reflected so that the burden on companies is minimized."
On the same day, the Federation of Korean Industries (FKI) held an emergency seminar at the FKI Tower in Yeouido, Seoul, to discuss countermeasures against former President Trump's tariff pressures.
Peter Yeo Han-gu, Senior Fellow at the Peterson Institute for International Economics and former Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, emphasized that "strategic cooperation with Japan has become important in dealing with the United States and China," and stated, "Negotiating power can be enhanced through Korea-Japan cooperation." He raised the necessity of cooperation to jointly respond to changes in the global trade order, such as supply chain stability and technological hegemony competition.
Regarding the background of the Trump administration's tariff imposition, Senior Fellow Yeo diagnosed that there is a political intention beyond simple protectionism. He evaluated, "Tariffs are perceived as a means of securing tax revenue, and in terms of speed, scope, and scale, they are much bolder than during the first term." He added, "The basis for tariff calculations has not even been disclosed," advising, "We should not be swayed by such policy announcements but observe the long-term trends."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
