The government and private businesses discussed how they would respond if the trade war between the U.S. and China extends for a long period of time.

The Ministry of Trade, Industry and Energy held a meeting on Thursday at the Korea Trade Insurance Corporation and discussed the U.S.-China trade dispute with related government agencies and export industries and organizations. The meeting comes before next Friday, which is the deadline for Washington and Beijing to complete their trade talks. 

In the event the U.S. and China fail to agree on a trade deal, the U.S. will raise tariffs on 200-billion dollars of Chinese imports from ten percent to 25 percent starting from next Friday. 

South Korea’s export industries and organizations are concerned that a prolonged trade dispute would lead to a global economic slowdown and drop in exports. 

Deputy Trade Minister Kim Yong-rae said the government will do its best to minimize the damage the nation’s exports could face by actively reflecting the businesses’ suggestions in the government’s trade policies. 

Kim said the ministry will devise comprehensive response measures in line with the outcome of the U.S.-China trade war.