Key Points
South Korea actively communicating with US on potential tariff impacts
Deputy trade minister visiting Washington to discuss policies
Consumer sentiment improves after political stabilization
Industry leaders strategizing potential economic responses
Trade Minister Cheong In-kyo made the remarks in a meeting with the heads of major local think tanks held to discuss Seoul's strategy on the protectionist trade policies of U.S. President Donald Trump, according to his office.
The meeting was attended by the chiefs of nine research institutes, including those under Samsung Group, Hyundai Motor Group, POSCO Group and LG Group, reports Yonhap news agency.
Thursday's meeting came amid mounting concerns over the U.S. government's plan to levy tariffs on various goods from other countries, including steel, aluminum and automobiles, as well as reciprocal tariffs on the U.S.' key trading partners.
"We are operating our channel with the U.S. to respond to the realization of various U.S. trade measures and help local industries overcome uncertainties," Cheong said, calling for stronger cooperation between the government and think tanks to devise a response strategy.
South Korea's Deputy Trade Minister Park Jong-won is currently visiting Washington to meet with U.S. government officials and discuss Trump's trade policies and their effect on Korean industries.
Meanwhile, South Korea's consumer sentiment improved by the largest margin in nearly four years in February on hopes for a stable domestic political situation following the martial law chaos and the government's support for industries, a central bank poll showed on Thursday.
The composite consumer sentiment index stood at 95.2 this month, up 4 points from the previous month's 91.2, according to the survey conducted by the Bank of Korea (BOK).
The February reading marked the largest gain since June 2021, when the figure rose by 5.4 points
It also logged the second monthly gain, as the index rebounded in January from a two-year low of 86.6 a month earlier, when President Yoon Suk Yeol's shocking martial law declaration and his subsequent impeachment dented the market.
A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.
