Seoul: The South Korean government has pledged all-out efforts to tackle the growing trade uncertainties following the U.S. Supreme Court's decision to overturn President Donald Trump's extensive "reciprocal" tariffs on South Korea and other trade partners. The Ministry of Trade, Industry and Resources held an emergency meeting to evaluate the consequences of the ruling and discuss strategies in response to the Trump administration's tariff policies, according to officials.

According to Yonhap News Agency, the U.S. Supreme Court's ruling negated Trump's application of the 1977 International Emergency Economic Powers Act (IEEPA) to enforce duties, including the reciprocal tariffs, thus supporting a lower court's decision. In reaction to the legal setback, Trump signed a proclamation imposing an additional 10 percent global tariff and announced plans for further tariff measures under different legal frameworks.

The Ministry of Trade, Industry and Resources stated it has been preparing a response to the expected outcomes of the ruling, committing to ongoing efforts to reduce export uncertainties for South Korean companies. Industry Minister Kim Jung-kwan noted that despite the ruling heightening uncertainties around U.S. exports, the primary export conditions established through the Korea-U.S. tariff agreement would largely remain unaffected.

Minister Kim emphasized the government's intention to thoroughly examine the ruling's specifics and Washington's subsequent actions, aiming to respond vigorously to protect Korea's national interests. Regarding the unresolved issue of tariff refunds in the U.S. ruling, the ministry plans to develop support measures to mitigate the impact on South Korean companies.

The ministry also intends to convene a meeting with private industry leaders on Monday to evaluate the latest developments' effects on domestic industries.