The trade ministry held a meeting in Seoul on Friday in response to the U.S. plan to slap reciprocal tariffs on countries that tax U.S. imports. 

The meeting was chaired by deputy trade minister Park Jong-won and saw the attendance of officials from economic organizations and industry associations. 

Park said that under the South Korea-U.S. free trade agreement, which went into effect in 2012, the two countries have eliminated nearly all tariffs on bilateral trade in industrial and consumer goods. 

However, Park was quick to add that South Korea could be affected by the latest move as it is one of the countries the U.S. has a trade deficit with.

Park said the ministry will communicate closely with related government agencies and industries to minimize any impact on South Korean industries, while continuing its consultations with Washington. 

The meeting comes a day after U.S. President Donald Trump announced a comprehensive plan to impose reciprocal tariffs against nations that charge duties on imports of American goods. 

Trump said incoming commerce secretary Howard Lutnick will come up with new tariff levels that take into account a range of trade barriers, including nontariff barriers adopted by America’s trading partners.