KCCI urges close coordination between Seoul, Washington over Trump's reciprocal tariff policy

The building of the Korea Chamber of Commerce and Industry in central Seoul / Yonhap

The Korea Chamber of Commerce and Industry (KCCI), a major South Korean business lobby, on Thursday called for close communication and policy coordination between Seoul and Washington following U.S. President Donald Trump's announcement of reciprocal tariffs.

On Wednesday (U.S. time), Trump announced a 10 percent "baseline" tariff on imports from all trading partners and "reciprocal" tariffs, including 25 percent duties for South Korea -- a culmination of his drive to curtail America's trade deficits and strengthen domestic manufacturing.

"The reciprocal tariff policy marks a significant shift that could affect not only South Korea-U.S. trade but also the broader global trade order," the KCCI said in a statement, adding that it would closely monitor the policy's potential impact.

The chamber stressed the importance of the trust between the countries built on their long shared history and a bilateral free trade agreement (FTA), also underscoring that South Korean companies have actively contributed to the U.S. economy with massive investments in key sectors, including semiconductors and automobiles, and by creating high-quality jobs.

"We hope that the two governments will engage in close dialogue and coordination based on their long-standing trust," the chamber said.

The KCCI added it will work to ensure that the voices of the business sector are fully reflected in negotiations and minimize the potential burden on local companies stemming from the tariff plan. (Yonhap)