With the United States’ reciprocal tariffs looming, the Ministry of Trade, Industry and Energy says uncertainty surrounding South Korea’s export environment will intensify further if the tariffs take effect as scheduled on April 2.
First Vice Trade Minister Park Sung-taek made the prediction Friday during an export trend review meeting convened by the ministry to assess trends and risks for key export items.
Park added that while actively responding to the U.S. trade policies, the South Korean government will implement its comprehensive emergency export measures and other measures to minimize the impact of the new steel and aluminum tariffs, including blocking the circumvention of antidumping duties.
Seoul and Washington have held high-level trade talks ahead of the April 2 deadline, and Trade, Industry and Energy Minister Ahn Duk-geun is currently in the U.S. capital for talks with counterparts including U.S. Secretary of Commerce Howard Lutnik.
South Korean exports totaled 101-point-six billion U.S. dollars in the January to February period, down four-point-eight percent from a year earlier.