South Korea plans new measures in response to US tariffs

South Korea revealed plans on Friday to introduce new measures next month in response to the proposed US tariffs on automobile imports.

If enacted, these tariffs could slow South Korea's automotive exports to the US and harm the local industry, as South Korea's Ministry of Industry stated during a meeting with domestic automaker representatives, according to the Yonhap News Agency.

Local companies have urged the government to emphasize their positive contributions to the US economy.

They have also called for steps such as diversifying export markets to help minimize the potential damage to the sector.

South Korea currently has a 0% tariff rate for cars, excluding trucks.

Separately, South Korean steel companies announced that they will collaborate closely with the government and relevant authorities to mitigate the effects of the upcoming US tariffs.

US President Donald Trump has announced a 25% tariff on steel and aluminum imports, set to take effect on March 12.

During their visit to Washington last month, South Korean officials requested an exemption from the steel and aluminum tariffs.