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.

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,