Choe Sang-mok, Deputy Prime Minister, "US Tariff Suspension Partially Reduces Shock"

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is presiding over the Fiscal, Economic, and Financial Officers meeting via video conference on the 10th at the Government Seoul Office in Jongno-gu, Seoul.

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated on the 10th, "This morning, the United States announced a 90-day suspension of additional tariffs by country, excluding the basic 10% tariff, which has temporarily reduced the impact of reciprocal tariffs to some extent."

Deputy Prime Minister Choi made this announcement during a video conference held at the government complex in Jongno-gu, Seoul, with economic, fiscal, and financial cooperation officers from major countries' embassies. The Trump administration announced on the 9th (local time) that it would suspend additional tariffs on trade partners, excluding China, for 90 days.

Deputy Prime Minister Choi said, "During the suspension period, we will closely monitor the trends of each country and consult with the United States to fully support our companies in thoroughly preparing for the new trade environment changes." He added, "Since timely information provision and candid policy recommendations from the economic officers are crucial, please closely observe local developments and report frequently."

He also emphasized, "Economic officers at the forefront of economic diplomacy should carry out their duties with a strong sense of mission and do their best to protect the nation's credibility." He stressed, "It is necessary to actively explain that Korea's economic and diplomatic policies are being pursued under a consistent framework."

Meanwhile, the economic officers shared various measures taken by their respective countries. Domestically, governments are busy analyzing the economic impact of tariff measures and preparing support measures such as financial aid for affected industries and establishing consultation centers. Externally, they reported differences by country, including China's strong response and the negotiation stances of Japan and Vietnam.