Minister Kim Jeonggwan Says "Uncertainty in Exports to U.S. Has Risen... National Interest Comes First in Response"

Emergency Response Meeting on U.S. Supreme Court Ruling on Unlawful IEEPA Tariffs
Section 232 Product-Specific Tariffs to Remain in Place
Close Watch on Follow-Up Measures by U.S. Administration

Kim Jeongkwan, Minister of Trade, Industry and Energy, is delivering opening remarks at the "Korea-U.S. Strategic Investment Memorandum of Understanding Implementation Committee" held at the Korea Trade Insurance Corporation in Jongno-gu, Seoul on February 13, 2026. Photo by Kang Jinhyung

Minister of Trade, Industry and Energy Kim Jeonggwan said regarding the U.S. Supreme Court ruling that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) are unlawful, "Although uncertainty surrounding exports to the United States has somewhat increased, the export conditions secured through the Korea-U.S. tariff agreement will be largely maintained."

On the morning of the 21st, Minister Kim convened an emergency response meeting on the U.S. Supreme Court ruling and said, "We will mount an all-out response in the direction that best serves our national interest, based on a comprehensive review of the ruling, the U.S. administration's follow-up measures, and trends in major countries." He stressed, "The government will pursue every possible measure to protect the interests of our companies."

Attending the response meeting were the Trade Negotiations Deputy Minister, relevant directors-general and directors, and commercial attach?s from the Korean embassies in the United States and Japan, who reviewed the legal implications and ripple effects of the ruling, as well as future response strategies.

Earlier, on the 20th (local time), the U.S. Supreme Court ruled that the reciprocal tariffs and the so-called "fentanyl tariffs" imposed on various countries by the Trump administration on the basis of the IEEPA were unlawful and void. As a result, the 15% reciprocal tariff that had been applied to Korea has also lost its effect. However, product-specific tariffs on automobiles, steel, and other items that are being imposed under other statutes, such as Section 232 of the Trade Expansion Act rather than the IEEPA, will remain in place regardless of this ruling.

The Ministry of Trade, Industry and Energy explained that it had prepared multiple scenarios and reviewed response measures in anticipation of a possible IEEPA tariff ruling. In particular, as the U.S. administration issued a proclamation immediately after the ruling to impose a global 10% tariff under Section 122 of the Trade Act, the ministry is closely examining potential changes in the trade environment stemming from subsequent measures.

Minister Kim instructed, "While continuing the close consultations we have been conducting with the U.S. side regarding the implementation of the Korea-U.S. tariff agreement, concentrate policy capabilities on minimizing the uncertainty felt by companies."

The government plans to hold a joint public-private response meeting on the 23rd, chaired by Minister Kim, to assess the impact by industry and discuss response strategies. It also plans to seek support measures to minimize damage to Korean companies, in cooperation with business organizations and associations, while closely monitoring U.S. developments regarding the issue of refunds of reciprocal tariffs, which was not clearly addressed in this ruling.