Seoul, April 8 || Finance Minister Choi Sang-mok said here on Tuesday that the government would implement the best possible measures to mitigate the impact of US tariffs partly by closely monitoring the responses of other major countries.
Choi made the remarks during a meeting with experts aimed at gathering their opinions on the US administration's trade policy, including the country-specific reciprocal tariffs, such as a 25 per cent duty on South Korean goods, set to take effect from Wednesday (US time).
"Since a response to the U.S. tariffs will not be a one-off process and will take time, (the government) will develop an optimal strategy by observing the actions of other countries," Choi was quoted by the finance ministry as saying.
He also emphasised the government's commitment to accelerating support for businesses to help them navigate the challenging period, saying that measures for urgent sectors would be prioritised.
The participants advised that the government must carefully monitor the varying responses from different stakeholders within the United States, the ministry added.
Meanwhile, the Korea International Trade Association (KITA) has expressed its concerns against a possible US move to impose tariffs on copper imports, the association said on Tuesday, amid an ongoing U.S. investigation into copper imports.