SEOUL, February 21 (AJP) - The South Korean presidential office said Saturday it will closely monitor follow-up trade actions by the United States and global trends after the US Supreme Court invalidated broad tariffs on South Korean goods.
National Security Adviser Wi Sung-lac and Kim Yong-beom, the presidential chief of staff for policy, co-chaired a joint meeting of relevant ministries to discuss the fallout. The session followed a 6-3 US Supreme Court decision on Friday that ruled President Donald Trump lacked the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA).
Presidential spokesperson Kang Yu-jung said in a written briefing that the 15 percent reciprocal tariff currently applied to South Korean exports is now void under the ruling. However, she noted that the US administration has since announced a new 10 percent global tariff based on Section 122 of the Trade Act of 1974.
Kang said the government plans to continue friendly consultations based on the special alliance between South Korea and the United States. She added that officials aim to ensure the balance of benefits and export conditions secured in previous agreements are not damaged by the increased uncertainty in the international trade environment.
Regarding the recovery of tariffs already paid by South Korean companies, the presidential office decided to work closely with economic organizations and trade associations. This collaboration aims to provide businesses with timely and accurate information on potential refund processes.
The meeting participants also reviewed the progress of the Special Act on Investment in the United States. They agreed to proceed with necessary legislative steps, including public hearings, to ensure the process remains on schedule.
Attendees included Koo Yun-cheol, the deputy prime minister at the Ministry of Finance and Economy; Cho Hyun, the foreign minister; Kim Jeong-gwan, the minister at the Ministry of Trade, Industry and Energy; and Yeo Han-koo, the minister for trade. Ha Jun-kyung, the senior secretary for economic growth, and Oh Hyun-joo, the third deputy director of national security, also participated.
Trump signed an executive order on Friday to formally end the duties imposed under IEEPA in response to the court decision. He immediately invoked Section 122 of the Trade Act of 1974 to impose a 10 percent surcharge on all imports to address international payment imbalances.
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