Acting President Choi Sang-mok said the reciprocal tariffs announced by the United States will not have a significant impact on the economy, since South Korea maintains low tariffs on U.S. imports under the bilateral free trade agreement. 

The acting president presented the assessment Friday in a meeting of economy-related ministers after U.S. President Donald Trump announced a comprehensive plan to impose reciprocal tariffs against nations that charge duties on imports of American goods.

Choi said the nation needs to monitor the situation closely, as the U.S. said it will come up with new tariff levels that take into account a range of trade barriers and other nontariff barriers adopted by America’s trading partners.

The acting president then ordered the trade and finance ministries to set up a task force to identify the United States’ interests in the new tariffs and to draw up appropriate response measures. 

The participants in the meeting included the foreign and trade ministers, the head of the Office for Government Policy Coordination and the national security adviser.