Ministry of Trade Industry and Resources

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a public-private joint response meeting on February 23, 2026, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. The meeting brought together economic organizations, major industry associations, related institutions, and relevant ministries to discuss next steps following a U.S. Supreme Court ruling that limited executive authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA), along with the U.S. administration’s announcement of additional tariff measures.

Participants reviewed the potential impact on Korea’s industries and exports after the U.S. administration announced follow-up actions, including the imposition of a global tariff under Section 122 of the Trade Act and plans to initiate investigations under Section 301. They also gathered industry input and discussed possible response measures.

Participants noted that, while Section 232 tariffs remain in place after the IEEPA ruling, additional U.S. actions—including a flat 15 percent global tariff imposed under Section 122 on products previously subject to reciprocal tariff measures and the planned initiation of Section 301 investigations—could have overlapping impacts on Korea’s industries and exports. They agreed on the need for close public–private coordination amid growing uncertainty in global trade.

Minister Kim stated, “Under the principle of maximizing the national interest, the government will maintain close communication with the U.S. side to ensure that the balance of benefits secured under the Korea–U.S. tariff agreement and conditions for Korean exports to the United States are not undermined.” He added, “We will continue to strengthen companies’ competitiveness and step up export market diversification in light of possible shifts in the export environment. We will also work with relevant institutions and industry associations to provide companies with timely information amid uncertainty over tariff refunds.”

Going forward, the government will continue to monitor U.S. follow-up measures and moves by other countries and will work to minimize uncertainty for the Korean economy and businesses.