Following the US Supreme Court's ruling invalidating President Trump's reciprocal tariffs, South Korea's government stated it will continue 'amicable' consultations with the United States to protect favorable export conditions secured under their bilateral trade deal. Industry Minister Kim Jung-kwan pledged ongoing support for local businesses to enhance global competitiveness. Trump announced a new 15 percent global tariff in response.
In a meeting with local business representatives in Seoul on February 23, 2026, Industry Minister Kim Jung-kwan discussed South Korea's strategy in response to the US Supreme Court's ruling that invalidated President Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose tariffs on South Korea and other trading partners, including reciprocal tariffs. Kim stated, "Under the principle of maximizing national interest, the government will continue close communications and pursue amicable consultations to ensure that the balance of benefits and favorable export conditions secured through the Korea-US tariff agreement are not undermined."
Following the ruling, Trump announced a new temporary global tariff of 15 percent, up from 10 percent, and vowed to issue "new and legally permissible" duties to replace the nullified reciprocal tariffs. Kim noted that the US administration is expected to "aggressively" pursue alternative measures, such as Sections 122 and 301 of the Trade Act, which could increase global trade uncertainties. Section 122 allows the president to address international payment problems through surcharges and import restrictions, while Section 301 empowers investigations into unfair trade practices and tariff impositions.
On the potential inclusion of South Korea in a Section 301 probe, Kim said, "We are not making any assumptions," but stressed the need to carefully manage trade issues to avoid such measures. The government plans to steadfastly implement policies to strengthen company competitiveness, diversify exports, and provide timely information on tariff refunds in collaboration with agencies and industry associations.
After the meeting, Kim told reporters that the preliminary review of South Korea's potential US investment projects continues regardless of the ruling. Under last year's bilateral trade deal, South Korea pledged $350 billion in US investments in exchange for tariff cuts. The finance ministry assessed the ruling's impact on global financial markets as 'limited,' with US and European stocks rising and the dollar index stable, noting that Section 232 tariffs on automobiles and steel remain in effect. The Korea Customs Service is guiding around 6,000 of over 24,000 US exporters on refunds, particularly those using Delivered Duty Paid (DDP) terms, in coordination with US Customs and Border Protection.
