Seoul: Industry Minister Kim Jung-kwan reaffirmed government efforts to minimize the impact of U.S. tariffs on local industries in meetings with the chiefs of two major business lobby groups in Seoul on Monday while also delivering his gratitude for the business community's efforts to help South Korea strike a trade deal with the United States.

According to Yonhap News Agency, Kim stated the government's commitment to assist local companies in mitigating risks from U.S. tariff policies and expanding their global market presence amidst rising trade protectionism. This was during separate meetings with the heads of the Korea Chamber of Commerce and Industry (KCCI) and the Korea Enterprises Federation (KEF). The KCCI is led by SK Group Chairman Chey Tae-won, while the KEF is headed by CJ Group Chairman Sohn Kyung-shik.

This marked Kim's first official meeting with leaders of major business groups since assuming office last month, following his involvement in tariff negotiations with the U.S. During the meetings, Kim expressed gratitude towards the business community for their comprehensive support in the Seoul government's efforts to secure a trade agreement with U.S. President Donald Trump's administration.

Last week, a significant trade deal was struck between Seoul and Washington, which saw the U.S. reduce the reciprocal tariff rate for South Korea to 15 percent from an initially proposed 25 percent, alongside a reduction in duties on Korean cars from 25 percent to 15 percent. In return, South Korea committed to investing a combined US$350 billion in the U.S. for collaborations in key industries, including shipbuilding and semiconductors, as well as purchasing $100 billion worth of American liquefied natural gas and other energy products.

Korean business leaders, including Hanwha Group Vice Chairman Kim Dong-kwan, Samsung Electronics Co. Chairman Lee Jae-yong, and Hyundai Motor Group Executive Chair Euisun Chung, supported the government's last-minute efforts to reach the trade agreement by visiting Washington last week.

Regarding domestic issues, such as the government's proposal to revise the Commercial Act, the minister noted that the revision could pressure companies in the short term but would ultimately restore trust in the capital market. The National Assembly was set to hold a plenary session on Monday to vote on the revised Commercial Act, aimed at better protecting minority shareholders, and the "yellow envelope bill," which seeks to limit companies from pursuing damages for legitimate union activities.

To alleviate the burden on the private sector, the industry ministry has decided to establish and operate a new team dedicated to addressing issues related to the business environment, according to its officials.