Finance Minister Hong Nam-ki has ordered top ministry officials to be fully prepared to respond to the outcome of trade negotiations between the U.S. and China.

Hong issued the order on Friday morning during a meeting with the officials in Seoul, saying volatility in financial and foreign exchange markets, both at home and abroad, are rising amid growing uncertainties surrounding the U.S.-China trade talks.

The minister also urged officials to monitor markets around-the-clock in a bid to thoroughly respond to any developments in a timely manner. 

Meanwhile, the Ministry of Trade, Industry and Energy organized a meeting to go over how South Korean export companies could be affected by Friday's expansion of U.S. tariffs on 200 billion dollars worth of Chinese goods from ten percent to 25 percent.