On February 21, 2026, South Korea’s presidential office convened a high-level meeting to review the US Supreme Court’s decision regarding mutual tariffs imposed under the International Emergency Economic Powers Act. The session was led by National Security Advisor Wi Sung-rak and Policy Chief Kim Yong-bum, with participation from key ministers and senior advisors. The main objective was to assess the implications of the US court ruling, which declared the 15% mutual tariff invalid, and to formulate a coordinated government response. This meeting reflects South Korea’s commitment to maintaining stable trade relations and protecting national economic interests amid shifting international trade policies.
The meeting included officials from the Ministry of Economy and Finance, Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, and other relevant agencies. Representatives from economic associations and business groups were also engaged to ensure accurate and timely information dissemination to affected companies. The invalidation of the 15% US mutual tariff directly impacts South Korean exporters and importers, raising questions about potential refunds for previously paid tariffs and future trade conditions. The government emphasized close collaboration with economic organizations to provide guidance and support to businesses navigating these changes.
Following the US Supreme Court ruling, the US administration announced a new 10% global tariff under Trade Act Section 122, prompting South Korea to closely monitor further US actions and international responses. The government is also advancing legislative procedures for the Special Act on US Investment, including public hearings and stakeholder consultations. These steps aim to ensure that South Korean interests are safeguarded and that the trade environment remains balanced. The government reaffirmed its intention to maintain the benefits secured through Korea-US tariff agreements and to prevent any deterioration in export conditions.
Frequently asked questions include whether South Korean companies will receive refunds for previously paid mutual tariffs and how the new US global tariff will affect trade. The government is working with economic associations to clarify refund procedures and provide timely updates. Another common question is about the legislative progress of the Special Act on US Investment, which is proceeding as planned with public hearings and consultations. The government continues to prioritize transparent communication and proactive policy measures to address uncertainties in the international trade environment.
The South Korean government’s coordinated response to the US Supreme Court’s mutual tariff ruling highlights its commitment to protecting national economic interests. By involving key ministries and economic associations, South Korea is ensuring that affected businesses receive timely information and support. The government’s focus on legislative progress and ongoing monitoring of US actions reflects a proactive stance in maintaining balanced trade relations. Transparent communication and stakeholder engagement are central to South Korea’s strategy amid increased international trade uncertainty.