Koo Yoonchul Says "Uncertainty Has Increased Due to U.S. Tariff Invalidation... No Exchange of Views with U.S. Side"

Koo Yoonchul, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, said on the 23rd that there had been "no exchange of views with the U.S. government" following the U.S. Supreme Court ruling invalidating the tariffs.

At a work report to the National Assembly Strategy and Finance Committee that day, Deputy Prime Minister Koo, responding to lawmakers' questions about the implications of the change in the tariff situation, said, "It is true that uncertainty has increased (due to the ruling that the reciprocal tariffs are illegal)," making these remarks.

Koo Yuncheol, Deputy Prime Minister for Economy and Minister of Economy and Finance.

Deputy Prime Minister Koo said, "If (under Section 122 of the Trade Act, the new global tariff) rises to 15%, the same level as the reciprocal tariffs, I believe there is a not insignificant possibility that things could change compared with last time," but added, "It is also not yet finalized, so it is difficult for me to say anything definitive."

Regarding the potential positive aspects, he also said, "It is a bit difficult to predict in advance," and added, "We will respond in a cool-headed manner."

Asked what problems might arise if setbacks occur in connection with the Special Act on Investment in the United States amid tariff uncertainty, he said, "There is room for misunderstanding that we are not implementing the (Korea-U.S. strategic investment) memorandum of understanding (MOU), so it would be difficult for it to have a positive effect."

In response to a question about whether there had been any exchange of views with the U.S. government after the ruling invalidating the reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA), he said, "Because this is a matter of the court's ruling, we did not discuss it with the U.S. government."

Regarding the possibility that President Trump might reactivate Section 338 of the Tariff Act, which allows the imposition of tariffs of up to 50% on countries that discriminate against U.S. companies, he simply replied, "It is true that such a provision exists in the Tariff Act."