South Korean Acting President and Deputy Prime Minister Choi Sang Mok, who also serves as Minister of Economy and Finance, stated on Tuesday that the U.S. decision to delay tariffs on Canadian and Mexican products for one month is a great relief.
Choi made these remarks during a meeting on external economic issues at Seoul’s South Korean Government Complex.
On the same day, U.S. President Donald Trump announced a one-month postponement of the additional tariffs initially set to be imposed on products from Canada and Mexico.
Regarding this decision, Choi commented, “However, if the U.S. proceeds with its tariff measures and other countries respond accordingly, uncertainty in our exports and the overall economy could increase. There is also a possibility that the U.S. may extend its tariff measures to the European Union (EU) and other regions.”
“The government will systematically respond by mobilizing all possible measures to minimize the negative impact on our economy amid this uncertainty. We will keep all options open and closely monitor developments through consultation bodies such as the External Economic Issues Meeting and the Overseas Business Consultation Meeting while assessing the potential impact on our industries from multiple angles.”
Choi also stated, “We will actively communicate with officials from the new U.S. administration to ensure our position is fully reflected. Additionally, we will share information and explore response measures with major countries with similar positions.”
He further emphasized, “We will spare no effort in supporting our industries by operating a help desk for small and medium-sized enterprises (SMEs) that have entered tariff-affected countries. We will also establish support measures for companies that face unavoidable production adjustments and those considering reshoring.”
In conclusion, Choi stressed, “The government will prioritize our businesses and economy in any situation, responding swiftly to navigate these waves of uncertainty.”