The Seoul government will utilize all available tools to help stabilize markets following the United States' announcement of reciprocal tariffs, Finance Minister Choi Sang-mok said Thursday, pledging "swift" and "tailored" support measures for local industries expected to be affected.
US President Donald Trump announced plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, and country-specific reciprocal tariffs that include 25 percent tariffs on imports from export-dependent South Korea.
"The US government's tariff measures are likely to sustain high volatility in the global financial market for the time being, and the domestic financial and foreign exchange markets are also expected to react sensitively," Choi said during a meeting on macroeconomic and financial issues. The meeting was attended by Bank of Korea Gov. Rhee Chang-yong, along with the heads of the Financial Services Commission and the Financial Supervisory Service.
Choi emphasized that the government stands ready to take immediate market stabilization measures should the financial volatility intensify.
He also stressed that the government will take a comprehensive approach in its negotiations with Washington, aiming to minimize the potential economic impact through analysis of the latest US trade policy.
"We will make concerted efforts across the government to mitigate any damage to our economy and, through the economic security strategy task force, develop the best possible response strategies in collaboration with the private sector," he added.
Choi also noted that the government will announce detailed support measures in phases to address the impact on affected industries, such as automobiles. (Yonhap)
