Seoul, April 4 (SocialNews.XYZ) The government will hold a series of emergency meetings with representatives from major South Korean industries expected to suffer damage from the United States' hefty tariffs, the industry ministry said on Friday.
The Ministry of Trade, Industry and Energy held a meeting with officials from the home appliances, display and machinery industries earlier in the day and plans to hold a separate meeting with those from the rechargeable battery, petrochemical and textiles industries on Monday, according to ministry officials.
In Friday's meeting, the home appliances, display and machinery companies called for active support measures by the government to minimise U.S. duties' impact on local businesses, including export vouchers and emergency cash injections, reports Yonhap news agency.
The companies expressed concerns over a potential drop in their exports to America and increased competition in overseas markets other than the U.S., according to the ministry.
On Thursday, U.S. President Donald Trump unveiled plans to impose 10 percent baseline tariffs on imports from all foreign countries, as well as "reciprocal" tariffs, including 25 percent duties for South Korea, sparking fears of a global trade war.
The baseline and reciprocal tariffs will go into effect on Saturday and Wednesday (US time), respectively.
"The ministry will work to minimise the damage on local companies by closely assessing the effects of reciprocal tariffs in each sector, and use all of the government's available resources to boost the fundamental competitiveness of our industries," said Lee Seung-ryeol, deputy minister for industry policy at the ministry.
Meanwhile, South Korean stocks dropped for the third consecutive session on Friday amid the Constitutional Court's historic ruling to oust President Yoon Suk Yeol and rising concerns over looming tariff wars. The local currency rose sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 21.28 points, or 0.86 percent, to close at 2,465.42.
Trade volume was moderate at 690.4 million shares worth 10.7 trillion won ($7.46 billion), with winners beating losers 560 to 328.
Foreigners sold a net 1.79 trillion won worth of stocks, while individuals purchased a net 1.07 trillion won and institutions scooped up a net 620.4 billion won.
Source: IANS
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