S.Korea industry minister still concerned about US tariff impact on exporters

South Korea’s industry minister said on Monday that the country managed to avoid the worst-case scenario by clinching a U.S. tariff deal, but concerns remained over how the profitability of exporters would be affected by a 15% tariff rate.
Industry minister Kim Jung-kwan made the comments at a roundtable meeting with business groups and academics.
“There are concerns that the unprecedented 15% tariff will have a significant impact on the profitability of companies exporting to the U.S., especially small and mid-sized companies, compared to local U.S. companies,” Kim said in his opening remarks.
Under its deal with U.S. President Donald Trump, South Korea also agreed on a $350 billion investment package, including $200 billion in strategic industries such as semiconductors. The rest was earmarked for the U.S. shipbuilding industry.