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| ▲ Finance Minister Choi Sang-mok speaks during a meeting of economy-related ministers at the government complex in Seoul on April 9, 2025. (Yonhap) |
finance minister-US tariffs
Finance minister pledges swift support amid economic difficulties, U.S. tariff threats
By Kim Han-joo
SEOUL, April 9 (Yonhap) -- Finance Minister Choi Sang-mok said Wednesday that South Korea's economy, already facing structural challenges, is being further weighed down by what he referred to as the "tariff storm," pledging swift support measures.
"Our economy, which is grappling with structural difficulties, such as intensifying global industrial and technological competition and delayed domestic recovery, is now facing yet another storm in the form of tariffs," Choi said while presiding over a meeting of economy-related ministers.
Last week, U.S. President Donald Trump announced a 25 percent reciprocal tariff on South Korean goods, scheduled to take effect Wednesday (U.S. time), as part of a broader protectionist agenda aimed at reducing trade deficits and boosting domestic manufacturing. Additionally, reports indicate that the U.S. is preparing to impose tariffs on semiconductor and pharmaceutical imports in the near future, following the recent imposition of duties on steel, aluminum and auto imports.
The finance minister emphasized the government's commitment to taking bold and swift actions to respond to this unprecedented trade crisis.
Choi also stressed the importance of bipartisan support for the swift passage of the government's proposal for a 10 trillion-won (US$6.8 billion) supplementary budget.
The government had earlier proposed the extra budget, which Choi described as the minimum required to address the "most pressing issues," largely caused by the recent wildfires that devastated the country's southeastern regions.
"This supplementary budget is more critical than ever, and its timely passage is essential," Choi said. "I once again urge the National Assembly to expedite discussions and approval."
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