The Ministry of Trade, Industry and Resources, the ministry in charge, said it will make an all-out response to heightened export uncertainty following the U.S. Supreme Court ruling that reciprocal tariff measures are illegal. It said export conditions to the United States secured through the Korea-U.S. tariff agreement are expected to be maintained in broad terms.
Minister Kim Jung-kwan of the Ministry of Trade and Industry (MOTI) held an emergency countermeasure meeting at 10 a.m. on the 21st at the Seoul Technology Center with Yeo Han-koo, head of the Office of the Minister for Trade, as well as bureau directors and Directors from relevant departments and commercial attachés from the embassies in the United States and Japan.
The meeting followed the U.S. Supreme Court's decision on the 20th (local time) that both the reciprocal tariff and the fentanyl tariff imposed by U.S. President Donald Trump based on the International Emergency Economic Powers Act (IEEPA) are illegal and void.
Accordingly, the 15% reciprocal tariff currently imposed on Korea will also be void. However, item-specific tariffs on automobiles and steel imposed under statutes such as the Trade Expansion Act, rather than the IEEPA, will remain in place regardless of this ruling.
The Ministry of Trade and Industry (MOTI) has prepared for the U.S. Supreme Court's IEEPA tariff ruling by building expected scenarios and seeking response measures. In particular, since the U.S. administration released a proclamation imposing a global 10% tariff under Section 122 of the Trade Act immediately after the ruling, the ministry said it will continue to assess upcoming U.S. measures and work to minimize uncertainty.
To this end, while continuing the friendly consultations closely pursued with the U.S. side on implementing the Korea-U.S. tariff agreement, the ministry also decided to hold a joint public-private countermeasure meeting on the 23rd, chaired by the Minister Kim, to review sector-by-sector domestic impacts and discuss response strategies.
Regarding refunds of reciprocal tariff, which were not clearly addressed in this ruling, the ministry said it will closely monitor related developments in the United States and, in cooperation with economic organizations and associations, seek support measures to minimize damage to our corporations.
Minister Kim said, "This ruling has somewhat heightened uncertainty for exports to the United States, but export conditions to the United States secured through the Korea-U.S. tariff agreement will be maintained in broad terms," adding, "The government will comprehensively review the ruling, the U.S. administration's follow-up measures, and trends in major countries to respond in a way that best serves the national interest, and will do its utmost to protect the interests of our corporations."