The Blue House held an interagency meeting on the 21st to discuss response plans regarding the U.S. Supreme Court's ruling invalidating the reciprocal tariff.
That afternoon, the Blue House, chaired by National Security Director Wi Sung-lac and Policy Director Kim Yong-beom, convened a meeting of relevant ministries on U.S.-related trade issues and reviewed the key points and impact of the U.S. Supreme Court's ruling that the reciprocal tariff, based on the International Emergency Economic Powers Act, is unlawful and void.
Attendees included Deputy Prime Minister for the Economy Koo Yun-cheol, Minister of Foreign Affairs Cho Hyun, Minister of Trade, Industry and Resources Kim Jung-kwan, and Office of the Minister for Trade chief negotiator Yeo Han-koo, along with senior aides such as Blue House Senior Secretary for Economic Growth Ha Jun-kyung and Office of National Security third deputy Oh Hyun-ju.
Participants reviewed the key points and impact of the U.S. Supreme Court's ruling, based on the International Emergency Economic Powers Act (IEEPA), that the reciprocal tariff is unlawful and void.
First, under the ruling, the current 15% reciprocal tariff imposed by the United States becomes void, but since the U.S. administration subsequently released a plan to impose a 10% global tariff under Section 122 of the Trade Act, they agreed to closely monitor additional U.S. measures and trends in major countries.
Regarding refunds of reciprocal tariffs already paid, which were not clearly addressed in the ruling, they decided to work closely with business groups and associations so that accurate information can be delivered to Korean corporations in a timely manner. They also agreed to review the progress of legislation on the Special Act on Investment in the United States and proceed without delay with legislative procedures such as public hearings.
The Blue House said, "It is true that uncertainty in the international trade environment has increased due to this ruling by the U.S. judiciary, but the government plans to continue friendly consultations based on the special alliance between South Korea and the United States so that the balance of benefits secured through the Korea-U.S. tariff agreement and the conditions for exports to the United States are not harmed."