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Gov't holds meeting with exporters amid escalating U.S. tariff concerns

Published: 22 May. 2025, 12:12

YOON SO-YEON
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Trade containers are stacked at Busan Port on April 30. [YONHAP]

The government on Thursday held a meeting with local export companies in key industries most affected by the latest U.S. tariff measures, such as semiconductors, automobiles and steel, officials said.

The roundtable, jointly hosted by the Ministry of Economy and Finance and the Korea Customs Service, took place in the southern port city of Busan and brought together major firms operating in the region, the ministry said.

The event was organized in response to rapidly changing external trade conditions prompted by the Donald Trump administration's imposition of "reciprocal" tariffs.

Korea has been striving to lower the rates of Trump's new duties, including 25 percent reciprocal tariffs on Korea, as well as sectoral tariffs that include 25 percent levies on automobiles, steel and aluminum.

Industry representatives at the meeting called for more detailed information regarding the U.S. government's country-of-origin determinations and relief measures for certain sectoral duties, such as those on steel, the ministry said.

The ministry said the suggestions will be considered in ongoing tariff negotiations with Washington, adding that the recommendations will be reflected in this year's tax law revisions.

The government emphasized that it will continue to closely monitor the evolving global trade environment and maintain communication with the business community to build a more favorable environment for exports.

Yonhap