The government says it will closely monitor market fluctuations caused by new U.S. tariffs and swiftly implement market stabilization measures if volatility becomes excessive.

The finance ministry said that it held an emergency meeting on Tuesday to assess the potential impact of the U.S. tariffs and discuss response measures, following U.S. President Donald Trump’s letter announcing a 25 percent tariff on all South Korean imports starting August 1.

The meeting, chaired by acting finance minister Lee Hyung-il, assessed that global financial markets have shown increased volatility after Trump sent tariff letters to 14 countries, including South Korea and Japan.

In light of the potential for greater market volatility at home and abroad, the government vowed to remain vigilant and take necessary measures. 

The government said that it will closely monitor developments related to the U.S. tariffs and their impact on financial markets and the broader economy, working closely with relevant agencies to ensure a swift and coordinated response to any excessive market volatility.