Seoul stated on Thursday, September 3, that it will support South Korean companies facing possible new tariffs from the United States on semiconductors, after the US government announced its intention to impose fees on the chip sector, which constitutes South Korea's main export.
The South Korean presidential office declared that the government will closely monitor the evolution of the situation and maintain close consultations with the United States to avoid unfavorable impacts on domestic companies. According to Seoul, Washington has not yet finalized the details regarding tariffs on semiconductors.
US Commerce Secretary Howard Lutnick explained in an interview with CNBC that the Donald Trump administration is working on a "selective" tariff policy, under which companies that manufacture in the United States do not pay fees, while those that produce abroad have to bear them to access the North American market.
South Korea hosts Samsung Electronics and SK hynix, the two major global memory chip manufacturers and the country's highest market capitalization companies. Samsung already has production facilities in Texas, and SK hynix has an ongoing investment in Indiana focused on advanced memory packaging.
