As the U.S. Supreme Court ruled that U.S. President Donald Trump's reciprocal tariff policy is illegal, Koo Yun-cheol, Deputy Prime Minister for the Economy and Minister of Strategy and Finance, decided to prepare response measures with the national interest as the top priority.
According to the Ministry of Strategy and Finance on the 21st, Deputy Prime Minister Koo held an emergency meeting at 11 a.m. with key senior officials at the director-general level and department and bureau heads under his purview.
Earlier, on the 20th (local time), the U.S. Supreme Court ruled that the reciprocal tariff and a fentanyl tariff based on the International Emergency Economic Powers Act (IEEPA) are illegal. In response, Trump decided to impose an additional 10% tariff on all exports to the United States worldwide to replace the reciprocal tariff. This provisional tariff will take effect at 12:01 a.m. Eastern Time on the 24th and remain in place until 12:01 a.m. on July 24.
Deputy Prime Minister Koo said he would thoroughly grasp developments in the United States and the responses of major countries, and, together with relevant ministries, closely discuss the impact on each domestic industry and response measures with the national interest as the top priority.
He also said authorities would continue to closely monitor related developments, including domestic and overseas financial markets.