South Korea is committed to mitigating rising trade uncertainties after the US Supreme Court challenged former President Donald Trump’s “reciprocal” tariffs impacting South Korea and other global trade partners.
The Ministry of Trade, Industry and Resources held an urgent meeting to analyze the ruling’s effects and strategize Seoul’s response to the Trump administration’s tariff policies, according to government officials.
This action followed the US Supreme Court’s decision against Trump’s utilization of the 1977 International Emergency Economic Powers Act to justify tariffs on Friday. The ruling, which included reciprocal tariffs, upheld a prior lower court decision.
In response to the legal setback, Trump issued a proclamation introducing an additional 10% global tariff and indicated intentions to implement further tariff measures under alternative legal frameworks.
The ministry stated it had anticipated this situation and has been developing responses to the ruling, promising continuous efforts to reduce export uncertainties for South Korean businesses.
“Despite the ruling potentially increasing uncertainties for exports to the US, the overall export terms established through the Korea-US trade agreement will largely remain unaffected,” stated Industry Minister Kim Jung-kwan.
Kim emphasized that the government will thoroughly examine the specifics of the ruling and subsequent actions by the US government to strongly protect Korea’s national interests.
Concerning the potential tariff refund issue, which the US ruling does not explicitly address, the ministry plans to develop support measures to minimize any negative impact on South Korean companies.
