The government held a series of emergency meetings on Thursday shortly after U.S. President Donald Trump announced reciprocal tariffs on imports from South Korea.

Acting President Han Duck-soo convened an emergency meeting of the economic and security strategy task force and said the situation is extremely grave and that the government must channel all its capabilities to overcome the trade crisis.

He urged the government to actively engage in negotiations with the U.S. to minimize damage to the country and to devise emergency support measures for industries and businesses that will be hit by the U.S. tariffs. 

Finance minister Choi Sang-mok convened a meeting on key economic issues and vowed to immediately implement all available measures to stabilize the market should market volatility expand in an excessive manner. 

He also pledged to operate an around-the-clock monitoring system until the market shows signs of full stability. 

Trade minister Ahn Duk-geun also convened a meeting of key economic organizations and state-run research institutes to discuss ways to address the new U.S. tariffs.