Concerted steps needed

As US President Donald Trump hints at heavy tariffs on South Korea's key export items, government officials and business executives are scrambling to seek fresh opportunities and minimize the impact, a move in the right direction amid growing uncertainties.

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Trump told reporters that auto tariffs would be "in the neighborhood of 25 percent," and that duties on chips and pharmaceutical imports would start at "25 percent or higher."

Trump said at a forum Wednesday he would announce details on cars, semiconductors and pharmaceuticals "over the next month or sooner."

Trump recently ordered a 25 percent tariff on all steel and aluminum imports and announced that so-called "reciprocal tariffs" would be imposed on all trading partners, based on the tariffs they charge the US and other trade practices. The move sparked worries about a collapse of the trade rules the US has established through the World Trade Organization.