Financial Supervisory Service "US Reciprocal Tariffs More Aggressive Than Expected... Emergency Response System Activated"

Financial Supervisory Service Holds Financial Situation Review Meeting

Regarding the reciprocal tariff measures announced by the Trump administration, the Financial Supervisory Service (FSS) assessed them as "more aggressive than the market's expectations." They announced that they would activate a 24-hour emergency response system due to concerns about increased market volatility coinciding with the impeachment ruling day.

On the morning of the 3rd at 10 AM, the FSS held a financial situation review meeting presided over by Senior Deputy Governor Lee Se-hoon. The FSS diagnosed that "the content of the US tariff measures is more aggressive than the market's expectations, expanding concerns about global stock market declines and growth slowdown." They further noted, "In Korea, the possibility of increased market volatility is very high due to the Constitutional Court's ruling scheduled for tomorrow."

In response, the FSS is operating a 24-hour emergency response system (Contingency Plan) to ensure that necessary market stabilization measures can be implemented immediately. They also plan to strengthen daily monitoring systems and closely examine internal and external risk factors to proactively respond to market instability factors.

The US government announced an executive order imposing a basic tariff of 10% on all trading countries (effective on the 5th) and reciprocal tariffs on individual countries with large trade surpluses (effective on the 9th). The announced reciprocal tariff rates were China (34%), EU (20%), Vietnam (46%), Taiwan (32%), Japan (24%), India (26%), Korea (25%), Thailand (36%), and Switzerland (31%).

Reporter Jin Young-ki, Hankyung.com young71@hankyung.com