Trade Ministry hosts roundtable with Korean firms in Canada as U.S. tariff concerns grow
Published: 05 Dec. 2024, 10:22
![Trade Minister Cheong In-kyo speaks during a meeting in Seoul. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]](https://koreajoongangdaily.joins.com/data/photo/2024/12/05/18429256-8c33-4f40-a1ab-6069903d7a17.jpg)
Trade Minister Cheong In-kyo speaks during a meeting in Seoul. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]
The Trade Ministry on Thursday hosted a roundtable with officials from Korean firms operating in Canada amid growing uncertainties surrounding U.S. tariff policies.
The meeting came in response to anticipated changes in the trade environment with the United States, as President-elect Donald Trump has vowed to implement protectionist trade policies targeting imports, according to the Ministry of Trade, Industry and Energy.
Trump has pledged to impose a 25 percent tariff on all products from Mexico and Canada, as well as an additional 10 percent tariff on goods from China.
The proposal has raised concerns among Korean companies investing in Mexico and Canada, which rely on the U.S.-Mexico-Canada Free Trade Agreement to access the North American market.
Korean businesses have been increasing investments in Canada, particularly in the battery and related materials sectors.
For example, LG Energy Solution currently produces battery modules in Ontario under ties with multinational automaker Stellantis.
Posco Future M is also building a battery precursor production line with U.S. General Motors in Quebec.
"[The announcement of new tariffs] provides us with a hint about the tariff policy of the incoming U.S. administration," Trade Minister Cheong In-kyo said. "The government will closely monitor policy trends in the U.S. and Canada, and work with Ottawa to minimize uncertainties for our businesses."
Yonhap
with the Korea JoongAng Daily
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