President Lee: "I am not seriously worried about 100% tariffs on semiconductors... We have a capable negotiating team"

According to The Financial News, President Lee Jae-myung of South Korea said on the 21st that he is "not seriously worried" about the threat that a 100% tariff could be imposed on semiconductors.
At the New Year press conference that day, President Lee was asked about changes in the trade environment, including the threat of a 100% tariff on semiconductors. He replied, "We are living in an unpredictable era," adding, "There are so many unforeseen factors that if we are swayed by every single one, we will lose our sense of direction." He went on to stress, "We must respond with a clear sense of our own position, and with established policies and principles."
Regarding the background to the tariff pressure from the United States of America (US), President Lee stated, "In the US, they are trying to resolve problems such as massive fiscal deficits, trade deficits, domestic conflict and polarization, and the collapse of manufacturing in order to stabilize their economy, and that seems to be driving them to take excessive measures, which are now appearing as pressure on other countries." He continued, "We have also been heavily affected, and as a result we had no choice but to engage in tariff and trade negotiations for a considerable period of time," adding, "From our perspective, these were not negotiations to gain mutual benefits, but tough defensive negotiations aimed at giving up less."
However, he emphasized that a calm response is possible to the tariff threat itself on semiconductors. President Lee said, "In the semiconductor sector, Taiwan and the Republic of Korea (South Korea) together probably account for 80–90% of the market share, so if tariffs are raised by 100%, would that not result in semiconductor prices in the US rising by 100%?" He added, "We may bear some of the burden despite our dominant position, but most of it is highly likely to be passed on to prices in the US."
President Lee also noted, "We have agreed that we will not be placed at a disadvantage compared with Taiwan." He said, "The level of risk is not such that we will suffer serious damage, and I hope this will be resolved smoothly," and added, "What I want to emphasize is that, as is clearly stated in the Joint Fact Sheet, commercial rationality will be guaranteed."
He then said, "You really do not need to worry too much," and added, "We have a capable Minister of Trade, Industry and Energy and a skilled negotiating team, so they will handle this well."

west@fnnews.com Reporter Sung Seok-woo Reporter