South Korean Cabinet Meets Feb 22 to Counter Trump’s Revised Global Tariff
Updated (2 articles)
-
Image: YonhapNational Security Adviser Wi Sung-lac (L) and Kim Yong-beom, presidential chief of staff for policy, announce the results of tariff negotiations with the United States in a press briefing on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju in this file photo taken Oct. 29, 2025. (Pool photo) (Yonhap) Source Full size
Supreme Court Overturns Trump’s Global Tariff Plan The U.S. Supreme Court ruled on February 22, 2026, to strike down President Donald Trump’s global “reciprocal” tariff scheme, a decision that could reshape bilateral trade dynamics with South Korea. Hours later, Trump issued a proclamation imposing a temporary 10 percent global tariff under Section 122 of the 1974 Trade Act, slated to begin at 12:01 a.m. Washington time on Tuesday. By Saturday, Trump raised the temporary rate to 15 percent via a Truth Social post, signaling an escalation despite the court’s ruling [1].
South Korean Leadership Organizes High‑Level Response Senior officials gathered on Sunday, February 22, to coordinate South Korea’s reaction, with the meeting led by presidential policy chief Kim Yong‑beom and National Security Adviser Wi Sung‑lac. Attendees included Finance Minister Koo Yoon‑cheol, Industry Minister Kim Jung‑kwan, Trade Minister Yeo Han‑koo, and Democratic Party floor leader Han Byung‑do, reflecting broad cabinet involvement. The convening underscores the administration’s prioritization of the tariff issue amid rapid U.S. policy shifts [1].
Agenda Focuses on U.S. Tariff Follow‑Up and Investment Projects Participants planned to examine the Trump administration’s next steps after the court decision and to assess the status of South Korean investment projects currently underway in the United States. The discussion also revisited the $350 billion investment agreement that previously prompted a reduction of South Korean tariffs from 25 percent to 15 percent. Officials aim to safeguard those projects while formulating a coordinated diplomatic and economic response [1].
Timeline of Trump’s Tariff Proclamations After the Supreme Court’s ruling, Trump’s 10 percent temporary tariff was set to take effect on Tuesday, February 24, 2026. Within two days, he announced an increase to 15 percent, citing the need for “reciprocity” in trade negotiations. The rapid policy changes have pressured allied nations, including South Korea, to reassess their trade strategies and investment commitments [1].
Related Tickers
Timeline
Oct 2025 – The United States and South Korea finalize a bilateral trade deal that includes a US$350 billion investment pledge from Seoul, laying the groundwork for reduced reciprocal tariffs and deeper economic integration [2].
Jan 27, 2026 – President Donald Trump announces a plan to raise U.S. reciprocal tariffs on South Korean goods and auto duties from 15% to 25%, arguing Seoul has not completed the legislative steps required for the October‑finalized agreement [2].
Jan 27, 2026 – The South Korean presidential office pledges a calm, committed response, stating it will convey Seoul’s dedication to implementing the deal and will act only after the United States completes administrative steps such as a Federal Register notice [2].
Jan 27, 2026 – National Security Adviser Wi Sung‑lac and policy chief Kim Yong‑beom co‑chair an interagency meeting to map response measures to Trump’s tariff announcement, signaling high‑level coordination within the government [2].
Jan 27, 2026 – Industry Minister Kim Jung‑kwan, then in Canada, prepares to meet U.S. Commerce Secretary Howard Lutnick, while Trade Minister Yeo Han‑koo plans a visit to discuss the issue with USTR head Jamieson Greer, indicating diplomatic engagement despite rising tensions [2].
Jan 27, 2026 – The ruling Democratic Party’s special investment bill, intended to support the US$350 billion investment pledge, awaits review and a vote slated for the following month, with the party seeking backing from the opposition People Power Party [2].
Jan 27, 2026 – Trade analysts note that South Korea’s recent digital‑regulation probe, including an investigation into Coupang’s data leak, may have contributed to criticism from U.S. lawmakers and the State Department, potentially influencing the tariff decision [2].
Feb 22, 2026 – The U.S. Supreme Court strikes down President Trump’s global “reciprocal” tariff framework, removing the legal basis for the 10% and 15% global tariffs that had been slated for implementation [1].
Feb 22, 2026 – Hours after the court ruling, President Trump issues a proclamation imposing a temporary 10% global tariff under Section 122 of the 1974 Trade Act, set to take effect at 12:01 a.m. Washington time on Tuesday [1].
Feb 22, 2026 – Trump later raises the temporary global tariff to 15% via a Truth Social post, while recalling that his administration previously lowered South Korean reciprocal tariffs from 25% to 15% after Seoul pledged the US$350 billion U.S. investment deal [1].
Feb 22, 2026 – Senior South Korean officials, led by policy chief Kim Yong‑beom and National Security Adviser Wi Sung‑lac, convene a high‑level meeting with finance, industry and trade ministers and Democratic Party floor leader Han Byung‑do to coordinate a response to the U.S. tariff actions and to review ongoing South Korean investment projects in the United States [1].
Feb 22, 2026 – The Korean delegation’s agenda includes assessing follow‑up steps by the Trump administration after the court decision and evaluating the status of South Korean investment projects currently underway in the United States, reflecting a comprehensive strategy to mitigate tariff impacts [1].