Seoul: The United States' recent adjustment of its metal tariffs is expected to reduce the overall administrative burden on South Korean companies, though the impact may differ by item, Seoul's trade minister stated, promising efforts to help companies minimize their burden.

According to Yonhap News Agency, Trade Minister Yeo Han-koo made this assessment during a meeting with officials from industries affected by U.S. tariffs on steel, aluminum, and copper imports, as well as their derivatives. The Ministry of Trade, Industry and Resources reported that the administration of U.S. President Donald Trump simplified its tariffs on these products earlier this week. The tariffs will now take effect based on their "full customs value," rather than the value of the metal content in each product, which was a more complex calculation process.

With the simplification of U.S. tariffs, the overall administrative burden on domestic companies and uncertainties related to customs clearance are expected to decrease, Yeo noted. Under the new U.S. system, the number of products subject to metal tariffs has decreased by 17 percent. Products such as cosmetics, chemicals, and furniture are now excluded from the list, according to the ministry.

Yeo, however, emphasized that the government will remain vigilant as the U.S. may include additional items in the list of derivatives subject to tariffs following a planned review of the system. The government will continue efforts to devise necessary support measures for companies to navigate these changes.