Andukgeun, Minister of Industry, on US Reciprocal Tariffs: "Prepare Support Measures by Industry"

Anduk Geun, Minister of Trade, Industry and Energy, is speaking on current issues at the Supply Chain Stabilization Committee held at the Government Seoul Office in Jongno-gu, Seoul on the 25th. 2025.3.25 Photo by Jo Yongjun

Andukgeun, Minister of Trade, Industry and Energy, stated on the 3rd regarding the U.S. reciprocal tariff measures, "We will closely cooperate with the industry to thoroughly analyze the impact of the U.S. tariff measures on our economy, industry, and exports, and prepare support measures by sector."

On the same day, at the 'Public-Private Joint U.S. Tariff Measures Countermeasure Meeting' held at the Korea Chamber of Commerce and Industry, Minister Ahn said, "We will continue close consultations with the U.S. at all levels, including the head of the Trade Negotiations Office's visit to the U.S."

Earlier, on the 2nd (local time), the U.S. government announced, based on the International Emergency Economic Powers Act (IEEPA), that it would impose a 10% basic tariff on all countries and additionally impose reciprocal tariffs on major trade deficit countries such as South Korea, Japan, and the EU.

South Korea is expected to be subject to a 25% tariff (10% basic tariff + 15% reciprocal tariff), with the effective date of the tariff measures being the 5th for the basic tariff and the 9th for the country-specific reciprocal tariffs.

Looking at the tariff rates of major countries, China is at 34%, Japan 24%, the EU 20%, and Vietnam 46%. Canada and Mexico will maintain the existing 25% tariff on USMCA non-compliant goods.

However, U.S. President Donald Trump announced that the tariffs previously announced by item?▲ automobiles and steel/aluminum ▲ copper, pharmaceuticals, semiconductors, lumber ▲ energy and certain minerals not produced domestically in the U.S.?will not be applied redundantly with the tariff measures announced this time.

At the countermeasure meeting held by our government on the same day, the impact on Korean companies due to the reciprocal tariff measures and response plans were discussed. The government decided to actively pursue high-level (minister, head of the Trade Negotiations Office, etc.) and working-level consultations with the U.S. to minimize damage to Korean companies. Additionally, it will promptly prepare urgent support measures along with a detailed impact analysis for industries affected by the U.S. government's tariff imposition.