'범정부 Domestic Response TF' Activated: "In-depth Discussion on US Trade Issues to Develop Countermeasures"

First Vice Minister Kim Beomseok Presides Over TF
TF Inspection Results to Be Discussed at Ministerial-Level Meetings
Vice Minister Kim Reviews Foreign Exchange Market with Relevant Ministries
"Monitoring the Market... Will Remain Vigilant"

On the 10th, the government held an inter-ministerial domestic response task force (TF) meeting on trade issues at the Government Seoul Office in Jongno-gu, Seoul, chaired by Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance. The purpose was to review the sector-specific impacts of the U.S. global tariff imposition and to discuss response strategies in depth.

Kim Beom-seok, First Vice Minister of Strategy and Finance (third from the right). Photo by Yonhap News

Attending the TF meeting were the Secretary-General of the Financial Services Commission, the Director of Information and Communication Industry Policy at the Ministry of Science and ICT, the Director of Food Industry Policy at the Ministry of Agriculture, Food and Rural Affairs, the Director of Industrial Policy at the Ministry of Trade, Industry and Energy, the Director-General of Health Industry Policy at the Ministry of Health and Welfare, the Director of Labor Market Policy at the Ministry of Employment and Labor, the Director of Policy Planning at the Ministry of Oceans and Fisheries, and the Director of Global Growth Policy at the Ministry of SMEs and Startups.

The government, recognizing that tariffs on items such as steel and automobiles imposed by the U.S. are currently in effect and that despite the announcement of a 90-day mutual tariff suspension, the economic ripple effects due to uncertainty remain significant, decided to expand the existing response system into an inter-ministerial domestic response TF for trade issues to conduct detailed inspections and analyses by sector.

The TF operates eight working groups under its umbrella, including macroeconomics, finance, industry, and SMEs, to conduct in-depth analysis of sector-specific impacts resulting from the global tariff imposition. It plans to utilize a collaborative system involving relevant ministries such as the Financial Services Commission (Financial Supervisory Service, Korea International Trade Association), Ministry of Trade, Industry and Energy (Korea Institute for Industrial Economics and Trade, Korea International Trade Association), Ministry of Agriculture, Food and Rural Affairs (Korea Agro-Fisheries & Food Trade Corporation (aT)), Ministry of Oceans and Fisheries (Korea Maritime Institute (KMI)), Ministry of SMEs and Startups (Small and Medium Business Corporation), as well as related agencies, research institutions, and associations.

In particular, the TF will discuss inspections and responses to tariff-affected sectors through rapid information sharing and joint work among ministries. Given that the global tariff war trends are changing frequently and may prolong, fundamental solutions regarding changes in trade, industry, and supply chains will also be discussed.

Additionally, the TF’s inspection results will be discussed at ministerial-level meetings as needed (such as the Economic Ministers’ Meeting, Industrial Competitiveness Enhancement Ministers’ Meeting, Foreign Economic Ministers’ Meeting, and Supply Chain Stabilization Committee), ensuring systematic responses and continuous follow-up measures at the government-wide level.

Meanwhile, Vice Minister Kim reviewed the situation of related ministries and the foreign exchange market at the conclusion of this TF. He stated, “As market uncertainty has increased recently due to the U.S. mutual tariff imposition, we are closely monitoring market conditions,” adding, “We will carefully observe whether domestic market volatility is excessively expanding compared to the overall international financial market and major countries’ situations with a sense of caution.”

This content was produced with the assistance of AI translation services.