Home > Business > Economy

Industry minister meets business leaders, vows efforts to mitigate tariff risks

Published: 04 Aug. 2025, 18:48 Updated: 04 Aug. 2025, 19:13

Industry Minister Kim Jung-kwan, left, and SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry (KCCI), hold a meeting at the KCCI headquarters in central Seoul on Aug. 4. [YONHAP]

Industry Minister Kim Jung-kwan reaffirmed government efforts to minimize the impact of U.S. tariffs on local industries in meetings with the chiefs of two major business lobby groups in Seoul on Monday, while also delivering his gratitude for the business community's efforts to help Korea strike a trade deal with the United States.

Kim said the government will do its utmost to help local companies mitigate risks from U.S. tariff policies and expand their foothold in the global market amid the rise of trade protectionism in separate meetings with the heads of the Korea Chamber of Commerce and Industry (KCCI) and the Korea Enterprises Federation (KEF), according to the Ministry of Trade, Industry and Energy. The KCCI is headed by SK Group Chairman Chey Tae-won and the KEF is led by CJ Group Chairman Sohn Kyung-shik.

It marked Kim's first official meeting with leaders of major business groups since he took office last month, as the minister had been busy taking part in the tariff negotiations with the United States.

In Monday's meetings, Kim also expressed his gratitude to the business community for providing “all-out” support for Seoul's efforts to strike a deal with U.S. President Donald Trump's administration, according to the ministry.

Last week, Seoul and Washington struck a trade deal, under which the U.S. administration lowered the reciprocal tariff rate for Korea to 15 percent from the initially proposed 25 percent, while also slashing 25 percent duties on Korean cars to 15 percent.

In return, Seoul promised to invest a combined $350 billion in the U.S. for cooperation in key industries, including shipbuilding and semiconductors, and purchase $100 billion worth of U.S. liquefied natural gas and other energy products.

Korean business leaders also supported the government's last-minute efforts to reach a trade agreement with the United States, with Hanwha Group Vice Chairman Kim Dong-kwan, Samsung Electronics Executive Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Euisun Chung visiting Washington last week.

During the meeting, the KCCI chairman said the business community was relieved over the tariff situation having been handled relatively smoothly, but also noted that he felt it was “premature to say that the negotiations have been fully concluded.”

“We hope [the government will] be more attentive to the details and align our industrial strategy with current tariff issues and the trade environment to help foster a new industrial landscape and environment,” Chey said.

Regarding domestic issues, such as the government's push to revise the Commercial Act, the minister said the proposed revision could put pressure on companies in the short term but will help restore trust in the capital market in the long run.

The National Assembly was set to hold a plenary session on Monday to vote on the legislative revision, aimed at better protecting minority shareholders, and the “Yellow Envelope Act,” which aims to restrict companies from seeking damages for legitimate union activities.

To reduce the burden on the private sector, the Industry Ministry has decided to create and operate a new team dedicated to addressing issues related to the business environment, according to its officials.

Yonhap