The Ministry of Trade, Industry and Energy announced on the 30th that it will expand and reorganize the '1:1 Import Regulation Consulting Project for Small and Medium-Sized Enterprises.' This is to increase the predictability of exporting corporations in line with the rapidly changing trade environment.
The government will first expand the 'Consulting for Steel and Aluminum Derivatives,' which was newly established this year, to include medium-sized corporations. It will also strengthen tailored support for corporations by establishing a 'Focus Consulting' period for companies that require in-depth analysis on specific topics such as anti-dumping margin calculation. Additionally, the government plans to conduct briefings targeting the industry regarding new types of import regulations.
On the same day, the ministry also held a briefing on 'The U.S. Tariff Measures Under Section 232 and Trends in International Emergency Economic Powers Act (IEEPA) Litigation' at the Korea International Trade Association's conference room on the 51st floor of Trade Tower in Samseong-dong, Seoul.
This briefing was conducted to provide accurate and systematic information on various U.S. tariff measures to minimize the damage and inconvenience to the industry caused by tariff overpayments and underpayments.
A law firm with extensive experience in U.S. trade responses explained the current status of tariff measures imposed by item, tariff rates, whether reciprocal tariffs exist, and the effective dates, as well as provided updates and future outlooks regarding lawsuits in the U.S. based on IEEPA aimed at nullifying reciprocal tariffs.
Yeo Han-koo, head of the trade negotiations bureau, said, 'The recent complex tariff policies in the U.S., including item-specific tariffs and reciprocal tariffs, have decreased the predictability for exporting corporations.' He also noted, 'The government will promptly share information about the changing trade environment and will spare no effort in providing support that corporations can feel.'