Seoul: South Korea's top financial authorities stated that the U.S. Supreme Court's decision on tariffs had only a "limited" impact on global financial markets, noting that sector-specific duties on automobiles and steel remain in place.
According to Yonhap News Agency, the assessment was made during a market monitoring meeting chaired by First Vice Finance Minister Lee Hyoung-il. This meeting was held in response to the Supreme Court's decision to strike down U.S. President Donald Trump's global "reciprocal" tariffs.
The finance ministry reported that U.S. and European stock markets rose on the day of the Supreme Court's ruling invalidating the reciprocal tariffs, with the dollar index remaining stable. This stability suggests the impact on global markets was limited.
Authorities emphasized the importance of maintaining a 24-hour market monitoring system with "heightened" vigilance due to the elevated uncertainties following Trump's announcement of a new global tariff increase from 10 percent to 15 percent on trading partners, despite the court's ruling.
They also noted that tariffs under section 232 of the U.S. Trade Act, covering duties on automobiles and steel, continue to remain in effect regardless of the court's decision.
The government plans to closely monitor developments in the U.S. and other countries while striving to ensure that the balance of interests secured through consultations with Washington and export conditions to the U.S. market are not compromised.
The meeting included participation from senior officials of the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service.