Government Listens to Key Industries on Impact of U.S. Reciprocal Tariffs

The government is organizing a meeting to directly hear about the difficulties faced by industries due to changes in the external trade environment.

The Ministry of Economy and Finance and the Korea Customs Service announced on May 22 that they will hold an on-site meeting with export companies at the Busan Port International Exhibition & Convention Center (BPEX).

The meeting has been arranged to assess the impact of rapidly changing external conditions?such as the U.S. administration's imposition of reciprocal tariffs and the restructuring of global supply chains?on key domestic industries including semiconductors, automobiles, and steel. It also aims to directly listen to the challenges that companies are experiencing on the ground.

Attendees included representatives from eight companies in the Busan area, such as Samsung Electro-Mechanics, Sungwoo Hitech, Dongkuk CM, and Heechang Trading, as well as officials from the Korea International Trade Association, Korea Origin Information Agency, Busan Chamber of Commerce and Industry, and Busan Economic Promotion Agency.

During the meeting, participants proposed several issues: the publication of the U.S. reciprocal tariff item classification system (HS) list, the provision of information related to U.S. rules of origin determination, the need to ease tariffs on items such as steel, measures to prevent unfair competition such as circumvention exports, and the relaxation of bonded processing system regulations.

An official from the Ministry of Economy and Finance and the Korea Customs Service stated, "We will reflect the industry's voice in the ongoing tariff negotiations with the United States and work to ensure that these are applied to this year's tax law revisions and frontline customs administration. Above all, we will continue close communication with the industry to respond to the uncertain external trade environment, while focusing on creating systems and conditions that make it easier for domestic export companies to do business abroad."