South Korea is preparing to announce emergency support measures for its automotive industry within the next week, following high tariffs imposed by Donald Trump.

According to statements by the country’s Prime Minister, as reported by Yonhap, Trump’s new 26% tariffs on car exports to the US are expected to put a significant strain on the South Korean economy.

Han added that South Korea’s trade minister will visit the United States as soon as possible to participate in negotiations to address the crisis. The move comes after recent statements by the country’s finance minister, who pledged to use every available means to stabilize financial markets in the event of major instability.