Trade Minister Cheong In-kyo speaks in a virtual meeting with commercial attaches at South Korean embassies in the United States, Mexico, Canada, China and Japan, held at the Korea Chamber of Commerce and Industry headquarters in Seoul on Wednesday. (Yonhap)
Trade Minister Cheong In-kyo speaks in a virtual meeting with commercial attaches at South Korean embassies in the United States, Mexico, Canada, China and Japan, held at the Korea Chamber of Commerce and Industry headquarters in Seoul on Wednesday. (Yonhap)

South Korea's trade ministry sought possible response measures to escalating tensions in the global trade market sparked by US tariff threats Wedneday in a rare meeting with commercial attaches at South Korean embassies in related countries, officials said.

Trade Minister Cheong In-kyo held an emergency virtual meeting with the country's commercial attaches in the US, Mexico, Canada, China and Japan, as well as trade managers from the Korea Trade-Investment Promotion Agency in those countries, according to the Ministry of Trade, Industry and Energy.

The meeting was held to discuss responses to US President Donald Trump's plan to impose tariffs on Canada, Mexico and China.

The US had planned to impose 25 percent tariffs on Canadian and Mexican imports from Tuesday but decided to pause the imposition for a month.

A 10 percent tariff on goods from China, however, took effect as planned, prompting Beijing to hit back with retaliatory tariffs on energy products and automobiles from the US

In the meeting, Cheong said his ministry will monitor the shifting global trade dynamics around the clock, citing the possibility of the US imposing additional tariffs, and launch a "help desk" at KOTRA's overseas trade centers for Korean companies.

"The government will mobilize all available resources to devise measures to respond to the possible impact on exports and support local companies amid escalating tensions in the global trade market from new tariffs," Cheong said. (Yonhap)