South Korea forms task force to address US trade, tariff issues

South Korea has launched a task force to address trade and tariff issues with the US following Washington’s announcement of 50% tariffs on imported appliances and metals, effective June 23. Led by Trade Minister Yeo Han-koo, the team will coordinate with industries, including Samsung and LG, and formulate support measures. President Lee Jae-myung, elected on June 3, has since reversed his earlier stance and pledged to expedite trade talks with the US. A second supplementary budget will be unveiled to aid households and industries affected by tariffs and weak demand. Measures include fuel tax breaks, food import quotas, and extended car tax cuts. South Korea's central bank recently cut its 2025 GDP growth forecast to 0.8%, prompting calls for expansionary fiscal policy to counter inflation and economic slowdown.