Seoul: South Korea is expected to face more uncertainties in trade due to the planned imposition of "reciprocal" tariffs by the Donald Trump administration, the country's trade minister said Wednesday. "Uncertainties surrounding our trade environment have been growing as the new U.S. administration slapped levies on all steel and aluminum imports, as well as derivative products, on March 12 and plans to impose reciprocal tariffs next month," Trade Minister Cheong In-kyo said in a meeting with export-related officials.
According to Yonhap News Agency, the government will continue its tariff and non-tariff negotiations with the U.S., as noted by Minister Cheong. The industry ministry has sought to deliver Seoul's concerns over U.S. trade policies through recent ministerial-level meetings in Washington. Earlier this month, Cheong met with U.S. Trade Representative Jamieson Greer in Washington to discuss the matter. Industry Minister Ahn Duk-geun also paid his second visit to the U.S. capital last week.
South Korea's exports amounted to US$101.6 billion in the first two months of this year, down 4.8 percent from the same period last year, amid global trade uncertainties. To the U.S., outbound shipments of semiconductors increased 49 percent on-year to $1.52 billion, but exports of automobiles and machinery decreased 11 percent and 27 percent to $4.99 billion and $2.11 billion, respectively.