Seoul: Senior presidential, government, and ruling Democratic Party officials will meet Sunday to discuss policy coordination in response to the U.S. Supreme Court's decision to strike down U.S. President Donald Trump's global "reciprocal" tariffs. The meeting is being organized by Kim Yong-beom, presidential chief of staff for policy, and National Security Adviser Wi Sung-lac. This comes after the top court's ruling against the sweeping emergency tariffs on Friday, which led Trump to announce a new global tariff.
According to Yonhap News Agency, other senior officials scheduled to attend the meeting include Finance Minister Koo Yoon-cheol, Industry Minister Kim Jung-kwan, Trade Minister Yeo Han-koo, and DP floor leader Han Byung-do. The officials plan to discuss response measures to the Trump administration's follow-up steps to the court ruling and the status of South Korean investment projects in the United States.
Following Friday's ruling, Trump signed a proclamation to impose a temporary 10 percent global tariff under Section 122 of the 1974 Trade Act. The White House stated that this would take effect at 12:01 a.m. on Tuesday (Washington time). On Saturday, Trump announced an increase in the new global tariff rate to 15 percent in a post on Truth Social.
The Trump administration had initially levied reciprocal tariffs of 15 percent on South Korean goods, reduced from an earlier 25 percent after a bilateral deal. Under this agreement, Seoul committed to investing US$350 billion in the U.S., among other pledges, in return for the tariff reduction.