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Finance minister calls for contingency plans amid U.S. tariff uncertainty

Published: 11 Apr. 2025, 10:50 Updated: 11 Apr. 2025, 15:34

From left, Financial Supervisory Service chief Lee Bok-hyun, Bank of Korea Gov. Rhee Chang-yong, Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, and Financial Services Commission head Kim Byoung-hwan attend a meeting on macroeconomic and financial affairs at the Hall of Banks in Seoul on April 11. [MINISTRY OF ECONOMY AND FINANCE]

Finance Minister Choi Sang-mok instructed officials Friday to prepare contingency plans to effectively respond to uncertainties stemming from the U.S. administration's tariff schemes and strengthen monitoring of financial markets.

Choi made the call during a meeting on macroeconomic issues, which was attended by Bank of Korea (BOK) Gov. Rhee Chang-yong, and the chiefs of the Financial Services Commission and the Financial Supervisory Service, according to the Ministry of Economy and Finance.

"Despite the U.S. government's 90-day grace period on reciprocal tariffs, uncertainties remain due to the escalating tariff dispute between the U.S. and China and the imposition of item-specific tariffs," Choi said.

"Relevant agencies should stay vigilant and prepare response plans for various scenarios. Monitoring of the stock, government bonds, foreign exchange and capital markets also needs to be strengthened," he added.

U.S. President Donald Trump announced a 90-day suspension of newly imposed reciprocal tariffs on imports from Korea and other trading partners, just hours after the sweeping scheme took effect Wednesday.

But his universal 10 percent tariff on all imports remains in place, along with 25 percent tariffs on steel, aluminum and automobiles entering the United States.

Yonhap