The government and the ruling People Power Party(PPP) announced on Wednesday that they have decided to proactively analyze and respond to the potential impact on the domestic economy of the upcoming Donald Trump administration in the United States.

After a high-level meeting at the National Assembly between the government and the ruling party, PPP policy committee chair Kim Sang-hoon said the ruling bloc is working to minimize the impact of a possible tariff hike under President-elect Donald Trump.

The government will overhaul and expand the Korea Trade Commission, a trade relief body, and activate a supply chain fund worth ten trillion won, or over six-point-eight billion U.S. dollars.

The fund will address vulnerabilities in supply chains related to China, while accelerating trade cooperation with emerging countries such as the United Arab Emirates and Guatemala and establishing partnerships with mineral-rich countries like Tanzania and Chile.

The government also plans to hold weekly foreign economic affairs meetings led by acting President Choi Sang-mok, who also serves as the finance minister, to discuss strategies on matters such as Trump’s tariff plans and the U.S. Inflation Reduction Act.