S. Korean Finance Minister pledges steps to minimise impact of US tariffs

Seoul(The Uttam Hindu): Finance Minister Choi Sang-mok said here on Tuesday that the government would implement the best possible measures to mitigate the impact of US tariffs partly by closely monitoring the responses of other major countries. Choi made the remarks during a meeting with experts aimed at gathering their opinions on the US administration's trade policy, including the country-specific reciprocal tariffs, such as a 25 per cent duty on South Korean goods, set to take effect from Wednesday (US time).

"Since a response to the U.S. tariffs will not be a one-off process and will take time, (the government) will develop an optimal strategy by observing the actions of other countries," Choi was quoted by the finance ministry as saying. He also emphasised the government's commitment to accelerating support for businesses to help them navigate the challenging period, saying that measures for urgent sectors would be prioritised. The participants advised that the government must carefully monitor the varying responses from different stakeholders within the United States, the ministry added.

Meanwhile, the Korea International Trade Association (KITA) has expressed its concerns against a possible US move to impose tariffs on copper imports, the association said on Tuesday, amid an ongoing U.S. investigation into copper imports.

The US Department of Commerce (DOC) launched the investigation on March 10 under Section 232 of the 1962 Trade Expansion Act to assess the national security implications of imports of copper and copper derivative products. The DOC accepted public comments from interested parties through April 1. Section 232 allows the U.S. president to impose import restrictions if imports of an item are found to pose a threat to national security.

In its letter to the DOC, KITA argued that Korean copper products do not threaten U.S. national security and, in fact, help strengthen the stability of U.S. supply chains. KITA noted that Korean copper accounted for just 3.5 percent of total U.S. imports last year, and highlighted South Korea's ongoing contributions to the U.S. copper industry through investments by LS Cable & System and Poongsan Corp.