Trade Minister Cheong In-kyo, center, speaks during a WTO meeting in Switzerland, in this photo provided by Ministry of Trade, Industry and Energy, Jan. 24. Yonhap

Korea's trade minister on Monday vowed to "effectively" respond to the possible impact on the country's exports and companies from the United States' protectionist trade policies, including high tariffs on goods imported from Canada, Mexico and China, officials said.

Trade Minister Cheong In-kyo made the remarks during a task force meeting of the Ministry of Trade, Industry and Energy held just a few days after U.S. President Donald Trump announced plans to impose 25 percent tariffs on imports from Canada and Mexico, and 10 percent on goods from China.

Trump has also vowed to impose additional tariffs on energy, semiconductors and other imports in the near future.

"As the new U.S. administration is swiftly announcing a set of executive orders under the 'America First' policy and actively utilizing tariffs, the government and the private sector should unite their capabilities to efficiently and effectively respond to the possible effect on the country under different scenarios," Cheong said, vowing to mobilize "all available resources."

President Donald Trump walks from Marine One upon arrival on the South Lawn of the White House in Washington, D.C. Feb. 2. AP-Yonhap

The local trade community has expressed concerns over Trump's tariffs as many Korean companies operate manufacturing plants in Canada and Mexico.

Leading home appliances makers — Samsung Electronics, LG Electronics — and battery makers — LG Energy Solution and POSCO Future M — are closely monitoring the shifting trade dynamics in the North American region, according to their officials.

Automotive giants, like Hyundai Motor and Kia, have also been bracing for such tariffs, and are reportedly considering adjusting their North American business strategy and supply chain.

Market watchers say Seoul's exports of intermediate goods to China could also be affected as a 10 percent tariff on Chinese products could lead to a contraction in consumption.

Korea exported goods worth some $133 billion to China last year, with more than 85 percent of the shipments being intermediate goods, such as semiconductors and displays, according to data from the Korea International Trade Association.

An official at the trade ministry said on the condition of anonymity that Korea could enjoy "small benefits" from the U.S. tariffs in the short term, but suffer a "big loss" in the long term due to a shrinking of global trade.

Korea's exports could decrease by up to $44.8 billion if a global trade war breaks out due to the U.S. imposing tariffs on other nations and major economies taking retaliatory steps, a report from the Korea Institute for International Economic Policy suggested. (Yonhap)