Choi Sang Mok, Deputy Prime Minister and Minister of Economy and Finance, emphasized the need to assess the impact on the Korean economy and prepare for various developments that may occur in the future in light of the US tariff increase on China.
During the Foreign Economic Advisory Council meeting at the Government Complex in Seoul, Choi stated, “Uncertainty in the global and economic environment is growing, as seen by the US imposing higher tariffs on items worth $18 billion imported from China.”
Choi urged, “We must evaluate the impact on our economy by analyzing past trade dispute cases and the current trade situation between the US and China.”
Experts suggested that different measures should be prepared for different types of businesses, such as Korean companies in China, Korean companies exporting to China, and Korean companies competing with Chinese companies in other markets such as the US.
Choi stated, “We will communicate closely with the industry so that Korean companies will remain competitive in the global market,” and “We provide all necessary government support.”
US President Joe Biden announced on the 14th (local time) that he would significantly increase tariffs on Chinese goods in items such as semiconductors, steel, aluminum, electric vehicles, batteries for electric vehicles, and key minerals under Section 301 of the Trade Act.
The scale of items subject to tariff increases amounts to $18 billion annually.
