South Korea's Acting President: The Situation is Grave as the US Imposes a 25% Tariff on South Korean Goods

South Korean Acting President: Situation "Extremely Severe" Regarding Matters Related to US Tariffs

According to Yonhap News Agency, South Korean Acting President and Prime Minister Han Duck-soo instructed the government to take all possible measures in response to the US announcement of a 25% tariff on products imported from South Korea, calling the situation "extremely severe".

On April 2, US President Donald Trump signed an order imposing a base tariff of 10% on all foreign products imported into the United States starting April 5, and a higher reciprocal tariff on products from countries with the largest trade deficits starting April 9. The reciprocal tariff on products from South Korea is 25%. Washington announced that the tariff system will remain in effect until the "threat to national economic security" is eliminated.

Han Duck-soo said at an emergency meeting of the Economic Security Strategy Task Force: "As the global tariff war approaches, the situation is becoming very serious, and the government must use all existing capabilities to overcome this trade crisis".

He instructed that the details and impacts of the new tariffs be carefully analyzed together with businesses, and that active participation in negotiations with the United States be engaged in to minimize damage to the country.

Han Duck-soo also instructed the government to quickly formulate emergency support measures for companies and industries affected by the tariffs, including the automotive industry.

Original Source: https://www.toutiao.com/article/1828365181770756/

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