Acting President Choi Sang Mok on Feb. 18 chairs a Cabinet meeting at Government Complex-Seoul. (Ministry of Economy and Finance)

By Kim Hyelin

Acting President Choi Sang Mok, who is also the deputy prime minister for economy and finance, has pledged an "all-out efforts in trade" to respond to tariffs announced by the U.S.

At a Cabinet meeting he chaired on Feb. 18 at Government Complex-Seoul, he said, "The future of each country depends on how it responds to the 'trade war' triggered by the U.S.," adding, "Now is the time for all-out efforts in trade."

"We will host an export strategy meeting with ministers of related ministries to closely review related trends and devise a pan-government export plan including record-high trade finance support worth KRW 360 billion or more as well as diversification of items and regions for exports."

"While considering all possible scenarios, the government has closely communicated with export companies and prepared trade responses. The public and private sectors are working as one team in conducting outreach (external communication and contact) toward the U.S. at all levels in a multidimensional manner."

By mobilizing all channels in diplomacy, security and trade, Seoul pledged to maintain communication with the American Cabinet, state governments and Congress. It will also use the upcoming visit to the U.S. by a private business delegation of CEOs from Korea's top 20 companies as a chance to set the basis for bilateral trade cooperation.

Washington has announced a universal 25% tariff on imported steel and aluminum from March 12 as well as tariffs on cars and semiconductors, two of Korea's leading export items to the U.S.

kimhyelin211@korea.kr