South Korea says a growing trade war between the United States and China will have limited impact on South Korean exports. 

Trade, Industry and Energy Minister Paik Un-gyu made the remark during a meeting with ministry officials charged with checking on current trade-related conditions. 

He said the deepening dispute between the world’s two largest economies is raising uncertainty surrounding South Korea's export-driven economy, drawing concerns from local exporters. 

However, he said even if the U.S. imposes 34 billion dollars worth of tariffs, and an additional 16 billion dollars in tariffs, on Chinese imports, any impact on South Korean exports will be limited in the short-term. 

Earlier, the Korea Institute for Industrial Economics and Trade projected that if the U.S. and China impose 34 billion dollars worth of tariffs against each other, South Korea’s exports to China will decline by 190 million dollars and to the U.S. 50 million dollars. 

The minister cautioned the U.S.-China trade dispute could expand and linger, and stressed the importance of thorough monitoring to prepare for and minimize potential ramifications on the domestic economy and companies. 

He also urged representatives from related industries and state export promoters at the meeting, including the Korea Trade-Investment Promotion Agency(KOTRA) and the Korea International Trade Association(KITA), to strengthen their assistance for the local exporters.