South korea: South Korea has affirmed that it will continue consultations with the United States regarding tariffs to safeguard the favorable export conditions secured through the bilateral trade agreement with Washington. South Korean Minister of Industry Kim Jong-kwan pledged, during a meeting with representatives of local companies, to continue supporting domestic businesses to enhance their global competitiveness amidst trade uncertainty.

According to Qatar News Agency, the minister said that the government would continue to pursue amicable consultations to ensure that the balance of benefits and favorable export conditions secured through the Korea-US tariff agreement are not compromised. He added that his country will steadily pursue policies that enhance the competitiveness of Seoul’s companies and diversify exports in response to potential changes in export conditions. This will be achieved while cooperating with relevant agencies to provide companies with timely information on tariff refunds to help them address the uncertainty.

He explained that the ministry will closely monitor other countries’ reactions to US tariff policies to minimize uncertainty surrounding the Korean economy and domestic businesses. US President Donald Trump announced last Saturday that he would raise temporary tariffs on imports from all countries to 15 percent instead of 10 percent, the maximum rate allowed by law, after the US Supreme Court ruled that previous tariffs imposed by Trump were illegal.