The government held an emergency meeting with major steelmakers and nonferrous metal exporters on Monday to discuss the impact of the United States’ plan to double its tariffs on all steel imports to 50 percent on Wednesday.

The meeting, hosted by the Ministry of Trade, Industry and Energy, was attended by officials from POSCO, Hyundai Steel and other major steel companies.

Officials representing the country’s aluminum exporters as well as the Korea Nonferrous Metal Association also attended the meeting to discuss the impact of the tariff increase on the industry and possible responses. 

The ministry said the government is working to obtain more details about the tariff increase. 

Steel industry officials asked the government to swiftly share information on U.S. tariff measures and agreed to continue cooperating in efforts to respond to them, while also trying to understand the situation in the U.S. through their own networks.

The ministry added that the government will work to minimize any negative impact of U.S. tariffs on the local industry through trade negotiations with Washington.