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Seoul vows business expansion support on tit-for-tat tariffs

Published: 31 Mar. 2025, 17:01

U.S. President Donald Trump purses his lips and points during a swearing in ceremony for Alina Habba as U.S. Attorney General for New Jersey, in the Oval Office of the White House in Washington, DC, on March 28. [AFP/YONHAP]

Korea is making all-out efforts to fully prepare for the U.S. administration's imposition of reciprocal tariffs, Seoul's top trade official said Monday, vowing strong support for businesses expanding into new markets.

Trade Minister Cheong In-kyo made the remarks during a meeting with exporters in Seoul, as U.S. President Donald Trump's government is set to announce reciprocal tariffs aimed at matching the tariffs imposed by other nations on U.S. exports Wednesday.

“We are making thorough preparations to respond to the U.S. announcement on reciprocal tariffs, set for April 2. We have been in continuous negotiations with the U.S. to best protect our companies' interests,” Cheong was quoted as saying by the Ministry of Trade, Industry and Energy.

“We will also enhance support for exporters seeking alternative markets to brace for the spread of protectionism among major economies,” he added, according to the ministry.

The new tariff scheme is expected to impact Korean companies and the broader economy, as exports serve as the country's key growth engine.

Exporters called on the government to play an active role in minimizing the impact of the U.S. tariff policy, according to the ministry.

Yonhap