South Korea's Industry Ministry said on Monday it held an emergency meeting with steelmakers in Seoul to discuss measures to minimise the impact of potential U.S. tariffs. U.S. President Donald Trump said on Sunday he will announce new 25% tariffs on all steel and aluminum imports into the U.

South Korea's industry ministry held an emergency meeting Monday to assess the possible impact on local businesses from the United States' plan to impose a 25 percent tariff on all steel and aluminum imports.

The widespread price increases in the food industry are due to cost burdens. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the price of Arabica beans hit a record high of $8,905 (12.88 million won) per ton on the 6th. Consequently, the price of Arabica coffee rose by 8% in just a week and by 27% compared to a month ago.

He said, however, the tariffs may offer opportunities for Korean companies to find new export markets. South Korea will "actively consider" whether there is room for negotiation on the tariffs with the United States,

South Korea's acting President Choi Sang-mok on Tuesday said his government would seek talks with the U.S. administration about Washington's 25% tariffs on steel and aluminium imports to reflect the interests of its companies.