Gov't to push for last-minute talks with U.S. following tariff announcement

In the meantime, there's just a month left before Trump's 25% tariffs come into force.

And South Korea is looking to make a breakthrough by pushing for last minute talks with the U.S.

Our Kim Jung-sil reports.

The South Korean government is on high alert as the U.S. moves forward with a 25-percent tariff on imported steel and aluminum—a move that could hit key industries hard.

Following the U.S. announcement, top officials in Seoul met on Tuesday to discuss response measures.

"While we are concerned about the decline in profitability for our industry, we also see opportunities in a fair competitive environment. We will work closely with the industry to strengthen its competitiveness."

The government said it will also push for last-minute negotiations.

"With some time left until March 12th, we will actively engage in negotiations with the U.S. to ensure our interests are fully reflected."

South Korea had previously faced export limits instead of tariffs, but with the new policy, those restrictions will also be lifted on March 12th.

"From calculations done in a report by an analyst at Citi Bank, this could reduce Korea's GDP by 0.1 to 0.2 percent. But because the quota has been removed the damage from tariffs should be less than 0.2 percent of the GDP."

With Trump hinting at tariffs on autos and semiconductors, experts warn negotiations must be strategic.

"Because Trump has threatened many other tariffs on other goods such as automobiles and pharmaceuticals. For a full negotiation, we should wait until we know exactly what range of goods that the U.S. will put tariffs on."

Officials say they will closely monitor U.S. trade moves and coordinate responses with Japan and the EU.

With time running out, South Korea faces tough choices to protect its export-driven economy.

Kim Jung-sil, Arirang News.