South Korea's trade ministry convened with industry leaders and other ministries to discuss the impact of new U.S. tariffs on polysilicon derivative products and to formulate countermeasures. The meeting aimed to assess effects on exports and supply chains.
The U.S. tariffs on polysilicon derivative products could significantly impact South Korean exporters and their supply chains, prompting government and industry collaboration to find countermeasures and ensure continued market access.
South Korea's Ministry of Trade, Industry and Resources held a meeting on Tuesday with relevant ministries and companies to address the implications of recent U.S. tariffs on polysilicon derivative products. The gathering, presided over by Deputy Minister for Trade Park Jung-sung, included officials from the Ministry of Climate, Energy and Environment, as well as representatives from major companies like Samsung Electronics Co. and OCI Company Ltd.
The primary focus of the discussion was to devise strategies to mitigate the impact of Washington's new trade measure. This involved assessing how the tariffs might affect exports from Korean companies and the integrity of supply chains for Korean firms operating within the United States. Deputy Minister Park stated that the government is committed to providing "timely and targeted support for local businesses."
The U.S. tariffs, set at 15 percent, were enacted following a proclamation signed by U.S. President Donald Trump. This action was taken under Section 232 of the Trade Expansion Act of 1962, which grants the president authority to impose import adjustments if national security is deemed to be threatened. The new trade policy is scheduled to take effect at 12:01 a.m. on December 4, U.S. time.