Government Holds Emergency Meeting on U.S. Tariff Ruling: "National Interest First, Reviewing Response Measures"

Chaired by Deputy Prime Minister Koo Yoonchul
Attended by Senior Grade-1 Officials and Directors of Relevant Bureaus and Divisions

Koo Yooncheol, Deputy Prime Minister for Economy and Minister of Finance and Economy, held an emergency meeting on the morning of the 21st at the Government Complex Seoul regarding the U.S. Supreme Court’s ruling invalidating reciprocal tariffs under the IEEPA, and discussed the ruling’s details, its impact, and future response measures. Ministry of Finance and Economy

The government announced on February 21 that, in relation to the U.S. Supreme Court ruling that President Donald Trump’s imposition of reciprocal tariffs on various countries was illegal, it will place the national interest as its top priority and closely examine the impact on each domestic industry, as well as related developments in domestic and overseas financial markets.

At 11 a.m. that day, the Ministry of Economy and Finance held an emergency meeting chaired by Koo Yoonchul, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, to discuss the content and impact of the U.S. Supreme Court ruling that invalidated reciprocal tariffs under the International Emergency Economic Powers Act (IEEPA), and to review future response measures. Senior Grade-1 officials of the ministry and directors of relevant bureaus and divisions attended the meeting.

At the meeting, Deputy Prime Minister Koo instructed officials to “thoroughly ascertain developments in the United States and how major countries are responding,” adding, “Together with relevant ministries, we will give top priority to the national interest and closely discuss both the impact on each domestic industry and corresponding response measures.”

The government is expected to conduct a detailed review of how this ruling may affect the implementation of tariff negotiations between Korea and the United States, and then establish concrete response strategies.

Previously, on February 20 (local time), the U.S. Supreme Court ruled, in effect, that the International Emergency Economic Powers Act (IEEPA) does not grant the President authority to impose tariffs, and therefore President Trump’s reciprocal tariffs were illegal.