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South Korea Preps New Strategy After U.S. Takes Bold Step Against Chinese Imports

Daniel Kim Views  

Ministry of Strategy and Finance

Deputy Prime Minister and Minister of Strategy and Finance, Choi Sang Mok, emphasized the need to prepare for the increasing uncertainty in the global economic and trade environment as the United States announced tariff increases on strategic items worth $18 billion imported from China.

According to the Ministry of Strategy and Finance, on the 21st, Deputy Prime Minister Choi made his statement during the 3rd Foreign Economic Advisory Meeting at the Government Complex in Seoul that morning.

The Foreign Economic Advisory Meeting, a non-constitutional meeting introduced in April this year, is designed to listen to the opinions of experts and refer to them during policy-making in response to global uncertainties.

Deputy Prime Minister Choi emphasized, “It is necessary to diagnose the impact of our economy in response to the U.S. tariff increase on China while establishing a readiness for various developments that may occur in the future.”

Experts who attended the meeting suggested that considering the different impact paths for each type of company, such as Korean companies in China, Korean companies exporting to China, and Korean companies competing with Chinese companies in other markets like the U.S., it is necessary to develop response strategies while continuously observing trends in China.

Deputy Prime Minister Choi said, “Based on the opinions of the experts, we will closely communicate with the industry so that our companies can continue to be competitive in the global market, and we will not hesitate to provide necessary support at the government-wide level.”

Daniel Kim
content@viewusglobal.com

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