S. Korean trade ministry holds meeting with major companies to address U.S. tarrifs

South Korea's efforts to survive through another round of Trump's tariff salvo continue

This morning, officials from Korea's Ministry of Trade, along with representatives from major companies and think tanks, met to coordinate a response strategy.

Our Kim Jung-sil reports.

In response to the latest trade measures announced by U.S. President Donald Trump, South Korea is upping its efforts to protect key industries.

On Thursday, the Ministry of Trade held a high-level meeting with senior officials from nine major companies, including Samsung, Hyundai, and LG, to discuss how to handle the looming tariffs targeting steel, aluminum, and key industries such as automobiles and semiconductors.

Minister for Trade, Cheong In-kyo emphasized that the government is fully mobilizing its channels with the U.S. to help South Korean industries overcome the uncertainty they are facing.

He added that the government will strengthen collaboration with private think tanks to refine its response strategies.

At a separate meeting, the Trade Ministry held the second session of the Industry Policy Council in Seoul, chaired by Deputy Minister for Industrial Policy Lee Seung-ryeol.

The meeting brought together officials from 10 major sectors, including semiconductors, automobiles, steel, and biotech to discuss the latest developments.

Industry representatives called for bold tax incentives, including extended investment tax credits, expanded tax breaks for strategic tech facilities, and direct tax credit refunds to boost investment.

Both the government and private sector are to work closely with counterparts in the EU and Japan, who face a similar situation.

Kim Jung-sil, Arirang News.