As U.S. marks one year of implementing its high-intensity tariff policy, analysts warn that uncertainty in the global trade environment is increasing. Geopolitical risks, including tensions between the U.S. and Iran, are contributing to a more structured instability in supply chains. In response, experts suggest that companies should pivot towards an economic security trade strategy that includes diversifying supply chains and enhancing energy security.
On Tuesday, the Korea International Trade Association (KITA) held a seminar titled, One Year After Trump’s Second Term: Evaluating U.S. Trade Policy Outcomes and Future Directions, at the Convention and Exhibition Center (COEX) in Samseong-dong, Seoul. This event aimed to assess U.S. trade policy over the past year since the Donald Trump administration declared Liberation Day on April 2 and imposed reciprocal tariffs.
Lee In-ho, KITA’s Vice Chairman, emphasized that to respond to this unprecedented complex crisis, experts from various fields must come together to seek creative solutions. He added that it will swiftly provide relevant information to our companies so they can formulate responsive strategies while closely collaborating with the government and experts.
The first session, moderated by Choi Seok-young, Director of the International Trade Research Institute at Lee & Ko, featured in-depth discussions among experts about the achievements and future of U.S. trade policy.
Kim Heung-jong, a senior advisor at DR & AJU LLC, stated that Trump’s tariff policy weakens the normative foundation of the international order and marks the return of tariff-centered power politics that pressures through individual negotiations. He stressed the urgency for structural response strategies, including market diversification, supply chain restructuring, and securing strategic autonomy.
Kim Tae-hwang, a professor of international trade at Myongji University, pointed out that the U.S. can impose selective retaliatory measures against specific countries and items based on Section 301 of the Trade Act. He recommended managing risks within the level of last year’s tariff and investment agreements through close and strategic consultations during the selection and implementation processes of U.S. investment projects agreed upon with the U.S.
Jang Sang-sik, Director of the International Trade Research Institute at KITA, noted that the U.S.-Iran conflict has simultaneously impacted the global trade environment across energy, logistics, and finance, revealing vulnerabilities in the world supply chain. He diagnosed that it is now necessary to transition from a tariff-centered response to an economic security trade strategy that encompasses strategic stockpiling, alternative sourcing, supply chain diversification, and energy security.
Cho Su-jeong, a professor at Korea University’s Law School, warned that the trade environment will become even more complex due to the overlap of Section 301 tariffs and Section 232 tariffs, as well as the expansion of Section 232 tariff targets. She emphasized the need for monitoring policy changes and diversifying trade risks through U.S. energy cooperation and participation in critical mineral initiatives.
The second session addressed trends in tariff refunds following the ruling on the legality of reciprocal tariffs under the International Emergency Economic Powers Act (IEEPA) and companies’ practical responses. Kim Tae-Joo from Samjong KPMG, Park Jung-hyun from Lee & Ko, and accountants from Deloitte Anjin, along with Scott Maberry from Sheppard, Mullin, Richter & Hampton LLP, discussed the progress of tariffs under Section 122 of the Trade Act, local refund procedures, litigation strategies, and corporate risk management approaches.