As the United States hinted at the possibility of imposing item tariffs on semiconductors and critical minerals, the government held an emergency meeting on the 15th to draw up countermeasures.
Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources held an emergency meeting that morning to discuss measures in response to the U.S. move to impose item tariffs on semiconductors and critical minerals.
The Minister asked the Ministry of Trade and Industry (MOTI) to continuously monitor the situation, communicate closely with the industry, and conduct a thorough impact analysis, and to mount an all-out response to minimize the impact on our industries.
Trade Vice Minister Park Jung-seong also held a phone call that day with U.S. Commerce Department Undersecretary Jeffrey Kessler to convey Korea's position and began to identify specific details.
The Ministry of Trade and Industry (MOTI) also plans to convene officials from Samsung Electronics and SK hynix at a meeting chaired by the deputy minister for industrial base in the afternoon to analyze the impact of the U.S. measures and discuss response plans.
On critical minerals, it also decided to convene a supply chain-related meeting of major corporations chaired by the director-general for resource industry policy, assess the domestic impact of U.S. actions on critical minerals, and prepare countermeasures.
Meanwhile, U.S. President Donald Trump on the previous day (local time) signed a proclamation imposing a 25% tariff on semiconductors imported into the United States and then re-exported to other countries. This followed the U.S. Commerce Department's submission of an investigative report under "Section 232 of the Trade Expansion Act" on the impact of semiconductor imports on U.S. national security.
The White House said in a fact sheet that "semiconductors fully manufactured in the United States account for only 10% of total demand," adding, "accordingly, we plan to impose a 25% tariff on a very small share of semiconductors and, after trade negotiations conclude, impose broad tariffs on semiconductors overall."
However, it said, "we will apply a tariff offset program that provides preferential tariffs to corporations that produce semiconductors in the United States or invest in part of the supply chain."
President Trump also signed a proclamation directing the start of negotiations with trading partner countries so that imports of critical minerals proceed in a manner consistent with U.S. security.