Bank of Korea (Herald DB)
Bank of Korea (Herald DB)

The domestic financial market is expected to face increased volatility following the US administration's sweeping tariff plan, the South Korean central bank said Thursday, vowing to closely monitor the market and implement timely responses when necessary.

Bank of Korea Deputy Gov. Ryoo Sang-dai made the assessment in a meeting meant to review market conditions after US President Donald Trump announced plans to impose a 10 percent "baseline" tariff on imports from all foreign countries, as well as "reciprocal" tariffs, including 25 percent duties for South Korea.

"The US" reciprocal tariff measures were stronger than expected. Given potential responses from major economies and future developments, volatility in the financial market is likely to increase," Ryoo said.

"We will closely monitor how the situation unfolds, as well as the domestic financial and foreign exchange markets, based on our round-the-clock monitoring system in coordination with overseas offices. If necessary, we will respond promptly and appropriately." (Yonhap)