South Korea industry minister says US tariff refunds uncertain

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Mon, February 23, 2026 at 4:49 PM GMT+9

STORY: :: South Korea’s industry minister says refunds of U.S. tariffs remain uncertain after the Supreme Court ruling:: Seoul, South Korea / February 23, 2026:: Kim Jung-kwan, South Korean Industry Minister “If a uniform U.S. global tariff of 15% were to be imposed, changes would be expected in the relative competitive conditions of our companies. Furthermore, given the uncertainty surrounding the U.S. future plans for additional tariff measures, the private sector needs to work together to secure our companies’ export competitiveness and diversify our markets.”“The government will continue to engage in constructive talks with the United States to ensure that the balance of interests secured under the South Korea–U.S. tariff agreement—grounded in the principle of maximizing our national interest—remains intact and that the impact on our companies is kept to a minimum.”Kim also told reporters that semiconductor chips were not subject to U.S. President Donald Trump’s tariffs newly announced after the ruling.Trump on Friday (February 20) imposed a 10% temporary tariff after the Supreme Court struck down his previous tariff program, which was based on an economic emergency law, and ordered the start of new investigations under other statutes that officials say could result in additional tariffs affecting many trading partners.On Saturday (February 21) he lifted the temporary duty to 15%, the maximum allowed by the law.

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