Ministry of Industry, Calm Response to US Court Ruling on Reciprocal Tariffs

[Financial News] Amid the US court's ruling against the Trump administration's reciprocal tariff policy, our government has decided to respond calmly rather than immediately changing its negotiation strategy. This is because the Trump administration has immediately filed an appeal and a long-term perspective is deemed necessary.
 An official from the Ministry of Trade, Industry and Energy said in a phone call with this newspaper on the 29th, "Since the Trump administration has said it will explore all means and appeal, we are monitoring through local diplomatic missions," adding, "There will be no immediate change in negotiation strategy."
 The background of the Ministry of Industry's statement seems to be that considerable time is needed until the final ruling of the US court.
 Previously, on the 28th (local time), the US Court of International Trade ruled to block the implementation of reciprocal tariffs announced by President Trump on April 2, 'Liberation Day'. The court decided that the US Constitution grants taxing authority to Congress, not the president, and this cannot be overturned by the president's emergency powers to protect the US economy. On the other hand, the White House submitted an appeal to the federal court's tariff blocking decision on the same day.
 The appeal will be heard at the US Federal Circuit Court of Appeals in Washington, DC, and it is expected to take about 6 months to a year for a ruling to be made. Since the International Trade Court has issued an injunction prohibiting the imposition of reciprocal tariffs, the implementation of tariffs is immediately blocked. If the Trump administration requests and is granted a stay of execution of the injunction by the appellate court, reciprocal tariffs may be re-imposed until the final ruling. After the appeal, the final decision will be made by the Supreme Court, which is expected to take a considerable amount of additional time.
leeyb@fnnews.com Lee Yubum Reporter