Presidential Office Holds Emergency Meeting on U.S. Trade Issues: "Existing Reciprocal Tariffs Void, Uncertainty Rising"

Emergency Meeting Presided Over by Wi Sunglak and Kim Yongbeom
Discussion on Response Direction Following U.S. Supreme Court Ruling
"Closely Monitor Trends in Additional Measures Including the Imposition of a 10% Global Tariff"
Close Cooperation with Economic Organizations on Refunds of Already Paid Reciprocal Tariffs
Legislative Procedures for the Special Act on Investment in the United States to Proceed Without Delay

The presidential office held an inter-ministerial meeting on the 21st to review the impact and response plans following the U.S. Supreme Court’s ruling that the reciprocal tariffs imposed by the Donald Trump administration are illegal and void. After the U.S. Supreme Court ruling, the government plans to closely monitor trends related to additional measures, including the global 10% tariff announced in advance by President Trump, while continuing friendly consultations between South Korea and the United States so that conditions for exports to the U.S. are not damaged.

Yonhap News Agency

Presidential spokesperson Kang Yujeong said in a written briefing that in the afternoon, the presidential office held a “Meeting of Relevant Ministries on Trade Issues with the United States,” presided over by National Security Office Director Wi Sunglak and policy chief Kim Yongbeom, to share developments following the U.S. Supreme Court ruling and to discuss future response directions.

The meeting was attended by Deputy Prime Minister and Minister of Economy and Finance Koo Yooncheol, Minister of Foreign Affairs Cho Hyun, Minister of Trade, Industry and Energy Kim Jeonggwan, and Trade Minister for Trade Negotiations Yeo Han-koo, as well as other vice-minister-level officials from relevant ministries. From the presidential office, key aides including Senior Secretary for Economic Growth Ha Joonkyung and the third deputy director of the National Security Office Oh Hyunju were also present.

The participants reviewed the main content and implications of the ruling in which the U.S. Supreme Court found the reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA) to be illegal and void.

Spokesperson Kang stated, “According to the ruling, the 15% reciprocal tariff currently imposed by the United States becomes null and void. However, since the U.S. administration has subsequently announced the imposition of a global 10% tariff under Section 122 of the Trade Act, we decided to closely monitor any additional measures by the United States and the responses of major countries.”

In addition, with respect to the “refund of already paid reciprocal tariffs,” which is not clearly specified in the ruling, the government decided to work closely with economic organizations and associations to deliver accurate information in a timely manner so that companies do not experience confusion.

The government also reviewed the progress of legislative efforts for the Special Act on Investment in the United States. Spokesperson Kang explained, “The participants agreed to proceed with the legislative procedures, including public hearings, without delay.”

She went on to say, “It is true that this ruling by the U.S. judiciary has increased uncertainty in the international trade environment. Nevertheless, the government plans to continue friendly consultations based on the special alliance between South Korea and the United States so that the balance of benefits secured through the Korea-U.S. tariff agreement and the conditions for exports to the U.S. are not undermined.”