Korea to expand interagency task force in response to US tariff measures
First Vice Finance Minister Kim Beom-suk, left, during a government response task force meeting in Seoul, Thursday. Courtesy of the Finance Ministry
Korea will expand its existing response task force into a comprehensive interagency team to better cope with the U.S. administration's evolving tariff measures, the finance ministry said Thursday.
The decision came as the Donald Trump administration announced a 90-day suspension of newly imposed reciprocal tariffs on imports from Korea and other trading partners, only hours after the tariffs went into effect Wednesday.
In response, the government will operate the task force under an expanded framework, including eight specialized working groups focusing on sectors such as macroeconomy, finance, industry, and small and medium-sized enterprises.
The task force aims to conduct in-depth analyses of sector-specific impacts of the tariff measures by facilitating rapid information-sharing among government agencies, the ministry said.
Given the unpredictable nature and potential longevity of global trade tensions, the government also plans to review more fundamental strategies, the ministry added.