Meeting of Relevant Ministries in Response to Trump's "Tariff Letter"
Discussion on Current Tariff Measures and Response Plans
Request to Assess Impact on Exports and the Economy
Call to Strengthen Support Measures for Affected Industries and Diversify Export Markets
On July 8, Policy Chief Kim Yongbeom convened a meeting with relevant ministries to discuss the current status of U.S. tariff measures and response plans regarding the Korea-U.S. 'tariff negotiations.' On the same day, U.S. President Donald Trump sent a letter stating that a 25% reciprocal tariff would be imposed on Korea starting August 1.
The meeting, held to devise countermeasures to President Trump's so-called 'tariff letter,' was attended by Yoon Changryeol, Chief of the Office for Government Policy Coordination; Ha Junkyung, Chief Presidential Secretary for Economic Growth; Oh Hyunju, Third Deputy Director of the National Security Office; Lee Hyungil, First Vice Minister of Economy and Finance; Kim Jina, Second Vice Minister of Foreign Affairs; and Moon Sinhak, First Vice Minister of Trade, Industry and Energy, among other officials.
During the meeting, Chief Kim stated, "Since the launch of the new administration, we have made every effort to achieve mutually beneficial outcomes between the two countries through Korea-U.S. trade minister and national security chief consultations, as well as bilateral and multilateral meetings such as NATO. However, there was not enough time to reach a final agreement that encompasses the various issues." He added, "While prompt negotiations are important, upholding the national interest is an even greater value."
He continued, "We have avoided an immediate increase in tariff rates," and emphasized, "As we have secured time to respond until the end of July, please do your utmost to prioritize the national interest in negotiations with the United States." Chief Kim also noted, "Fortunately, the current market response remains calm, but closely monitor the impact on our economy, including exports." He further instructed, "Implement support measures for domestic industries such as automobiles and steel without delay, and strengthen export strategies, including market diversification."
Meanwhile, Chief Kim plans to hold a joint meeting between the Policy Office and the National Security Office to review the situation and discuss future countermeasures once Wi Sunglak, the National Security Office chief currently visiting the United States, returns to Korea.
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