South Korea’s finance minister says the government will prepare support measures for sectors with urgent needs, ahead of US President Donald Trump’s 25 per cent tariff.
“Minister Choi Sang-mok emphasised the need to analyse the impact on the macroeconomy and prepare support measures for sectors with urgent needs,” the ministry said in a statement.
On April 2, Trump introduced a blanket tariff on imports to the United States and higher tariffs against “worst offenders”, including a 25 per cent duty on imports from South Korea, to come into force on Wednesday.
South Korea’s acting President Han Duck-soo said last week the government would prepare support measures for the auto sector and seek negotiations with the Trump administration.
South Korea’s exports to the US hit a record high of $US127.8 billion ($A213.4 billion) in 2024, with automobiles – the top-selling product – accounting for 27 per cent of the total.
On Monday, Finance Minister Choi Sang-mok and other policymakers also reviewed a response strategy ahead of Trade Minister Cheong In-kyo’s visit to the US.
Cheong’s upcoming visit will be the fifth senior-level visit from the Ministry of Industry, Trade and Energy since Trump took office.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
