The government convened an emergency response meeting and began formulating countermeasures after the White House announced a proclamation on January 14 (local time) regarding Section 232 of the Trade Expansion Act, which concerns semiconductors and critical minerals.
The Ministry of Trade, Industry and Energy stated that on the morning of January 15, it held an emergency meeting to address the U.S. semiconductor proclamation, reviewing the main points of the measure and the direction of Korea's response.
Kim Jeonggwan, Minister of Trade, Industry and Energy, who presided over the meeting, reviewed the response activities following the U.S. Section 232 investigation into semiconductors and critical minerals, including the submission of Korea's position paper. Minister Kim instructed that the situation should be continuously monitored, and that the government should maintain close communication with the industry, conduct a thorough analysis of the potential impact, and make every effort to minimize the effects on Korean industry.
In this regard, the Deputy Minister for Trade spoke with Jeffrey Kessler, Assistant Secretary at the U.S. Department of Commerce, on the morning of January 15 to convey Korea's position regarding the Section 232 announcement on semiconductors and critical minerals, and will work to gather more specific information. In addition, the Ministry plans to hold a meeting with stakeholders in the semiconductor and critical minerals industries to closely analyze the impact on Korean companies and discuss response strategies.
Minister Kim stated, "Including the Section 232 measure announced today, we must maintain a constant state of readiness for all possible scenarios, including the final decision of the U.S. Supreme Court on reciprocal tariff measures under the International Emergency Economic Powers Act (IEEPA). We will respond to future trade issues with the United States more thoroughly and swiftly."
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