The Ministry of Trade, Industry and Energy held an emergency meeting Tuesday on the U.S.’ plan to impose tariffs of ten percent on 200 billion dollars worth of Chinese goods from next week.

The ministry said that on Thursday, it will hold a meeting with private sector officials to go over the possible ramifications on South Korea’s exports and businesses and ways to provide assistance. 

Earlier on Monday, the U.S. Trade Representative unveiled the new tariff plans for Chinese goods, adding that it will increase such tariffs to 25 percent from next January. 

Meanwhile, the Korea Federation of SMEs surveyed 300 small-and mid-sized firms that export to China and the U.S. and found that three out of ten companies are worried that the trade dispute will have a negative impact on business. 

Those firms projected that they will see transactions with U.S. trading partners slip by more than 16 percent and with Chinese partners nearly nine percent.