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Gov't to monitor impact of U.S. tariff hike on Chinese imports

Published: 21 May. 2024, 18:52

SARAH CHEA
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U.S. President Joe Biden calls for tripling tariffs on Chinese steel imports while speaking at the United Steel Workers Headquarters in Pittsburgh, Pennsylvania, on April 17. [EPA/YONHAP]

Finance Minister Choi Sang-mok said on Tuesday that the government will closely monitor the impact of Washington's recent decision to raise tariffs on some Chinese imports.

The remark came as the United States last week announced its plans to raise tariffs on around $18 billion worth of imports from China, focusing on strategic sectors, such as solar cells, semiconductors and electric vehicles.

"While Korea has been posting export growth for seven consecutive months, the uncertainties in the global economy and trade environment have been growing," Choi said during a meeting with trade experts, referring to the latest U.S. tariff hikes.

"In response, we need to assess the impact on the Korean economy based on previous trade dispute cases and the current trade trend between the U.S. and China, and come up with measures to prepare for various potential scenarios," he added.

Experts also urged the government to implement tailored measures for different businesses, including those operating in China and those competing with Chinese firms, as well as to monitor Beijing's response to the new U.S. tariff policy.

Korea will continue to communicate with local businesses to help them maintain competitiveness in the global market, the minister added.

Yonhap