Trade minister Cheong In-kyo says related government agencies will swiftly devise measures to tackle export challenges faced by South Korean firms as the new U.S.’ tariffs are expected to substantially affect exports in the second quarter.

Cheong made the remark  in Seoul on Thursday during a meeting of export area representatives, adding that the related agencies will monitor exports by region under an emergency system. 

Cheong assessed that unprecedented uncertainties are persisting around the world and related industries are feeling insecure. 

South Korea posted a record 683-point-eight billion U.S. dollars in exports last year. 

However, in the first quarter of this year, exports slipped two-point-one percent compared to the same period last year. 

South Korea’s exports to the U.S. during the January to March period fell two percent after outbound shipment of automobiles and general machinery shrank despite strong showings of semiconductors and computers. 

During the first quarter, South Korea’s exports to China also declined six-point-seven percent due to a drop in overseas shipments of semiconductors.