The government and the local steel industry will hold an emergency meeting on Friday to discuss responses to heavy steel tariffs signed by U.S. President Donald Trump.

The Ministry of Trade, Industry and Energy said that the meeting is set for 10 a.m. at the COEX Convention Center in Seoul.

The meeting to be chaired by Industry Minister Paik Un-gyu will focus on the effects of the U.S. tariffs on the country's steel exports and the ongoing negotiations for revising the Korea-U.S. free trade agreement. 

Trump on Thursday signed proclamations that impose 25 percent tariffs on steel and ten percent tariffs on aluminum imports. Canada and Mexico were exempted from the move, but South Korea was not.