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Govt. to monitor impact of US tariff hikes on some Chinese imports: finance minister

May 21, 2024 - 10:26 By Yonhap
A man walks in front of a Leapmotor showroom in Beijing, China, Wednesday. The Biden administration on May 14 announced new tariff rates on 18 billion US dollar worth of Chinese imports. (EPA)

Finance Minister Choi Sang-mok said Tuesday the government will closely monitor the impact of Washington's recent decision to raise tariffs on some Chinese imports.

The remark came as the United States announced last week its plans to raise tariffs on around $18 billion worth of imports from China, focusing on strategic sectors, such as solar cells, semiconductors and electric vehicles.

"While South Korea has been posting an export growth for seven consecutive months, the uncertainties in the global economy and trade environment have been growing," Choi said during a meeting with trade experts, referring to the latest US tariff hikes.

"In response, we need to assess the impact on the South Korean economy based on previous trade dispute cases and the current trade trend between the US and China, and come up with measures to prepare for various potential scenarios," Choi added.

Experts also urged the government to implement tailored measures for different businesses, including those operating in China and those competing with Chinese firms, as well as to monitor Beijing's response to the new US tariff policy.

South Korea will continue to communicate with local businesses to help them maintain competitiveness in the global market, Choi added. (Yonhap)