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.

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 top economic think tank slashed its growth forecast for the country’s economy for the second time in four months on Tuesday, expressing concern about the impact of U.S. President Donald Trump’s expanding tariffs.

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.

United States President Donald Trump signed two executive orders on Monday to impose a 25% tariff on aluminum and steel imports. "This is a big deal, the beginning of making America rich again," the president said from the Oval Office after signing the order,