Seoul: The government discussed Friday the possible impact of the United States' adjustment of its tariffs on steel, aluminum, and copper imports with representatives from affected industries, officials said. The Ministry of Trade, Industry and Resources said it held an emergency meeting with officials from business associations representing the steel, machinery, home appliances, automobile, and other industries affected by Washington's measure to discuss possible responses and support measures for the sectors.

According to Yonhap News Agency, the meeting came after the administration of U.S. President Donald Trump announced earlier in the day it will impose duties on steel, aluminum and copper imports based on their "full customs value" starting Monday (Washington time) to simplify the current tariff system. Currently, the U.S. assesses the metal duties based on the value of the metal content in each of the derivative products -- a complicated calculation process.

Under the new system, imported products made entirely or almost entirely of steel, aluminum or copper will be subject to 50 percent duties on their full value. Derivatives substantially made of such materials will pay 25 percent tariffs, while products made of 15 percent or less steel, aluminum or copper will be exempt from the sectoral tariffs.

With the simplification of the U.S. tariff system, the ministry said South Korean companies will likely face less burden on calculating specific U.S. duties for their products, with the impact of the adjusted tariffs expected to be different by items.