The government said uncertainty over South Korea’s exports to the United States has increased following the U.S. Supreme Court’s ruling that President Donald Trump’s global tariffs were unlawful.
The Ministry of Trade, Industry and Resources presented the assessment during an emergency meeting convened Saturday to review the implications of the court’s decision.
The ministry said it would make every effort to respond in a manner consistent with national interests, noting that the Supreme Court determined President Donald Trump’s global tariffs imposed under the International Emergency Economic Powers Act(IEEPA) were unlawful.
It said the ruling would invalidate the 15 percent tariffs previously applied to South Korean goods. However, tariffs imposed under other statutory authorities would remain in effect, including those covering South Korean automobiles and steel products.
In particular, the government vowed to minimize uncertainties that are expected to emerge from the U.S.' plan to impose a ten percent tariff on all countries in line with Section 122 of the Trade Act of 1974.
According to the White House, Section 122 allows the president to impose tariffs of up to 15 percent to address a “large and serious balance-of-payments deficit."