Yeo Han-koo, head of the Office of International Trade and Investment at the Ministry of Trade, Industry and Energy, announced plans to develop a comprehensive, long-term strategy prioritizing national interests in response to the evolving complexity of U.S. tariff policies. The government aims to focus its policy efforts on strategic assessments that go beyond short-term measures, considering potential structural changes in the global trade landscape.
On Tuesday, Yeo chaired a meeting with leading experts in industry and trade at the Korea Chamber of Commerce and Industry in Seoul, where he emphasized these points.
The meeting was convened to evaluate the potential impact of multilayered U.S. trade measures, including Sections 122, 301, and 232 of the Trade Act, on domestic industries and global supply chains.
Experts at the meeting observed that U.S. tariff policy is shifting from isolated measures to a more intricate combination of policy approaches. They concurred on the importance of considering not only the immediate effects of individual tariffs but also the broader implications for global supply chain restructuring, strategic responses from major trading partners, and alignment with U.S. industrial policy trends.
Yeo assessed that as tariff policies transition to a more complex structure, a strategic review is necessary. This review should extend beyond short-term responses to account for potential structural changes in the global trade environment.
He further stated that the government will implement a comprehensive analysis and response system to address changes in U.S. trade policy and develop a long-term strategic approach. The focus will be on maintaining close dialogue between South Korea and the U.S. while enhancing predictability for Korean businesses.
The Ministry of Trade plans to actively address trade issues with the U.S. through close monitoring of subsequent U.S. actions and trends in other major countries, ensuring robust communication between public and private sectors.