Finance Ministry discusses tariffs’ restricted influence on financial markets

 

 

Korea’s top financial authorities said Monday the U.S. Supreme Court’s decision on tariffs had only a “limited” impact on global financial markets, noting that sector-specific duties on automobiles and steel remain in place.

 

The assessment was made during a market monitoring meeting chaired by First Vice Finance Minister Lee Hyoung-il, in response to the top court’s decision to strike down U.S. President Donald Trump’s global “reciprocal” tariffs.

 


 

“U.S. and European stock markets rose on the day of the Supreme Court’s ruling invalidating the reciprocal tariffs, and the dollar index remained stable, suggesting the impact on global markets was limited,” the Ministry of Economy and Finance said.

 

The authorities said they will maintain a 24-hour market monitoring system with “heightened” vigilance, as uncertainty remains elevated following Trump’s announcement of a new global tariff of 15 percent from 10 percent on trading partners despite the court ruling.

 

They added that tariffs under section 232 of the U.S. Trade Act — which cover duties on automobiles and steel — remain in effect regardless of the court’s decision.

 

In accordance, the government will closely monitor developments in the U.S. and other countries while making efforts to ensure that the balance of interests secured through consultations with Washington and export conditions to the U.S. market are not undermined, the Finance Ministry said.

 

The meeting was also attended by senior officials from the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service.

Yonhap