Seoul: South Korea will continue holding "amicable" consultations with the United States on tariff issues to safeguard the favorable export conditions secured through its bilateral trade deal with the U.S., Seoul's industry minister said Monday. Kim Jung-kwan, minister of trade, industry, and resources, also vowed continued support for local businesses to boost their global competitiveness amid trade uncertainties.

According to Yonhap News Agency, Kim emphasized the importance of maximizing national interest and maintaining open communication to ensure that the advantages secured through the Korea-U.S. tariff agreement remain intact. He made these remarks during a meeting with local business representatives, which focused on Seoul's strategy following the U.S. Supreme Court's decision to strike down former President Donald Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) for imposing duties on South Korea and other trading partners.

In response to the court ruling, Trump announced a new temporary global tariff of 15 percent and promised to introduce "new and legally permissible" duties to replace the nullified reciprocal tariffs. Kim reassured that South Korea will continue to implement policies aimed at strengthening the competitiveness of local companies and diversifying exports. The government plans to work alongside related agencies and industry associations to provide timely information on tariff refunds to help companies navigate the uncertainties.

The Ministry of Trade, Industry, and Resources also committed to monitoring the responses of other nations to U.S. tariff policies, aiming to minimize any potential disruptions to the Korean economy and its local businesses.