South Korea’s trade minister warned Thursday of continued trade uncertainty despite a last-minute tariff deal with the Trump administration, calling for swift support for vulnerable sectors and long-term efforts to diversify trade networks and enhance the competitiveness of key industries.
During a meeting with business leaders and trade experts, Hankoo Yeo said South Korea must reset its trade strategy to address the global rise in protectionism, which he called the “new normal,” as participants discussed follow-up measures to last week’s trade deal with the United States, his ministry said.
Under the deal, Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars, the country’s top export to the United States.
South Korea also agreed to purchase $100 billion in U.S. energy resources and commit $350 billion to U.S. investments, though the two countries have offered differing interpretations of how the investment fund would be structured and managed.
In a separate radio interview, Yeo insisted that South Korea’s major chipmakers—Samsung Electronics and SK Hynix—would be unaffected by the 100% tariffs that Trump has vowed to eventually impose on semiconductor imports.
Yeo said Washington, under the recent tariff deal, agreed to designate Seoul as one of its most favored trade partners, shielding it from such rates.