The tariff war triggered by Washington is feared to result in a decline of more than 13 percent in South Korea's exports to the United States. 

According to the financial industry on Sunday, Hana Bank projected that U.S. tariffs could lead to a more than 13 percent decrease in South Korea's exports to the United States, with domestic value-added losses surpassing ten-point-six trillion won.

Earlier this year, the Korea Institute for Industrial Economics and Trade estimated that if the United States imposes ten percent tariffs on Mexico and Canada, 60 percent on China, and 20 percent on South Korea and other countries, Seoul's exports to the United States could decline by up to 13-point-one percent.

The United States recently announced 25 percent reciprocal tariffs on South Korea.

The IBK Economic Research Institute also predicted that if the United States enforces a 25 percent tariff on South Korea, its exports to the United States would shrink by 12-point-eight percent, while overall exports would decline by four-point-eight percent.

Additionally, KB Kookmin Bank reported that the universal ten percent tariff on all U.S. imports, which took effect on Saturday, could reduce the operating profit margins of South Korean businesses by up to 4 percent.