South Korean officials plan to address concerns over trade frictions at this month’s Group of 20 meeting in the wake of the Trump administration’s newly proposed tariffs.
South Korean Finance Minister Kim Dong-yeon said Monday his government will look to diversify its export strategies by strengthening ties with other Asian countries, Reuters reported.
“Globally, there is a trend that trade frictions are expanding. It is emerging as a risk to the global economy and our economy,” he said.
South Korea will bring up its concerns and explain its stance at a meeting of finance ministers and central bankers on March 19 and 20, he said.
Trump last week announced a plan to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, a move that shook both Washington, D.C. and the global markets.
Republicans and Democrats alike have panned Trump’s decision, saying it will ultimately lead to higher costs for American consumers. Labor unions supported the move, saying it will level the playing field with global competitors.
Trump has defended his decision, saying trade wars are “good and easy to win!”
On Monday, Trump said the tariffs will “come off” Mexico and Canada if the two countries renegotiate a “new & fair” North American Free Trade Agreement (NAFTA).