Ruling Party: "We Will Prepare Measures to Minimize Tariff Damage on Automobiles and Steel"

[Financial News] The Democratic Party of Korea announced on the 22nd that it would prepare measures to minimize damage for industries such as automobiles and steel, which are facing item-specific tariffs from the Donald Trump U.S. administration.
Jin Sung-jun, chairman of the Democratic Party's policy committee, said at a party strategy meeting held at the National Assembly on the same day regarding tariff negotiations, "We must also consider preparing active support measures for our companies," and "We will provide comprehensive support, including measures to minimize damage by industry such as automobiles and steel, as well as export diversification, economic structure improvement, and strengthening industrial competitiveness."
The Trump administration has already imposed item-specific tariffs and plans to apply an additional 25% reciprocal tariff starting August 1. In response, not only the government but also both ruling and opposition parties are making efforts in tariff negotiations by visiting the U.S.
Wi Sung-lak, head of the National Security Office, headed to the U.S. again on the 20th, just 11 days after his previous visit, and Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol, Minister of Trade, Industry and Energy Kim Jung-gwan, and Yeo Han-gu, head of the Trade Negotiation Headquarters, are expected to visit the U.S. soon to participate in the Korea-U.S. Finance and Trade Ministers' 2+2 trade consultation on the 25th. Additionally, Foreign Minister Cho Hyun is providing support by participating in the external economic ministers' meeting attended by Deputy Prime Minister Koo and Minister Kim, and working towards an early Korea-U.S. foreign ministers' meeting.
In the National Assembly, 13 ruling and opposition lawmakers from the Korea-U.S. Parliamentary Alliance departed for the U.S. on the 20th. They plan to meet with pro-Korean lawmakers in the U.S. Congress, as well as those close to President Trump, and visit Georgia, where Hyundai and Kia Motors factories are located, to meet with the governor and state legislators. They also plan to unofficially attempt meetings with U.S. trade officials in the Trump administration.
Chairman Jin said, "We have ten days left until August 1, but we cannot negotiate in haste. We must conclude negotiations so that the interests of both countries are balanced under the principle of prioritizing national interest," and "We must be cautious to protect sensitive areas such as agriculture as much as possible."

uknow@fnnews.com Kim Yoon-ho, Kim Hyung-gu reporters