South Korea's Presidential Office said it will analyze the potential impact on the country and respond accordingly after US President Donald Trump announced plans to raise tariffs on European Union passenger cars and trucks.
"The government has been continuously monitoring the follow-up developments of the tariff agreement between the US and the EU," a Presidential Office official said Tuesday. "We will examine the relevant trends and analyze the impact on our country to formulate a response."
The official added that the government is in frequent and close communication with the US regarding the Korea-US tariff agreement to discuss implementation measures for follow-up steps. "We will work to ensure that Korea-US trade relations are managed in a stable manner," the official said.
Regarding the potential impact of Trump's announcement on the market competitiveness of Korean products, the official said, "It is inappropriate for the government to evaluate tariff agreements between other countries." The official added, "We will respond based on the principle of securing a balance of benefits under the existing Korea-US agreement and treatment no less favorable than that given to other countries."
Earlier that day, Trump announced that he would raise tariffs on passenger cars and trucks to 25% starting next week, arguing that the EU has failed to properly implement its trade agreement. The move effectively returns tariffs to levels seen before the trade negotiations.
Some observers have interpreted the move as de facto retaliation, noting that European countries such as Germany had refused requests to dispatch warships and declined to cooperate with US military operations against Iran.
