Gov’t launches emergency task force to respond to trade risks in shipping sector

The government began operating an emergency task force Wednesday to swiftly respond to risks in the shipping sector amid the expansion of global trade protectionism, the oceans ministry said.

The task force, led by the Ministry of Oceans and Fisheries, was launched to monitor the fast changing global trade environment under the U.S. administration’s tariff scheme, and devise response measures for the local shipping industry, according to ministry officials.

“Uncertainties in the global trade environment have been posing a big threat to our economy, which is led by exports,” Oceans Minister Kang Do-hyung said.

“The importance of stability in the shipping sector is growing day by day as it is in charge of 99.7 percent of the country’s inbound and outbound shipments,” he added.

Since taking office in January, U.S. President Donald Trump has imposed tariffs on all steel, aluminum and auto imports, with additional plans to impose sectoral tariffs on semiconductors, pharmaceuticals and other products.

Earlier this month, Trump imposed steep “reciprocal” tariffs on South Korea, Japan and several other countries, but later announced a 90-day suspension of the new measures to allow negotiations.