(Ministry of Trade, Industry and Energy)
(Ministry of Trade, Industry and Energy)

The government will prepare for Washington's possible implementation of universal tariffs on South Korean goods following the launch of the second Donald Trump administration, a senior trade official has said.

"President Trump has been mentioning the issue, so I believe we need to stay vigilant and make thorough preparations," the official told reporters Thursday under the condition of anonymity.

The remark came as Trump has been proposing to impose blanket tariffs of 10 to 20 percent on all imports. Shortly after taking office, the new US president also vowed to impose a 25 percent tariff on goods imported from Canada and Mexico beginning as early as the start of February.

The official said as the new US administration is pursuing balanced trade with its partners, South Korea is reviewing ways to expand imports from the US, rather than seeking to reduce exports.

"We should be expanding the combined trade volume, not reducing it," the official said. "We need to find ways to pursue mutual benefits."

Sources said the government is seeking to expand the purchase of crude oil and gas from the US, both in the public and private sectors, to increase overall imports, thereby leading to a more balanced trade portfolio.

Touching on the possibility of Washington asking for renegotiation of the countries' bilateral free trade agreement, the official said it was too early to respond, since there has been no official announcement from the US.

Trump earlier signed a memorandum on an "America First" trade policy, calling for a review of existing US trade agreements to seek "reciprocal and mutually advantageous" concessions with respect to free trade partners. (Yonhap)