Acting President Choi Sang-mok, left, and Trade, Industry and Energy Minister Ahn Duk-geun salute the Korean flag before a Cabinet meeting at Government Complex Seoul, Tuesday. Yonhap

Korea is yet another target of U.S. President Donald Trump's protectionist trade policies, acting President Choi Sang-mok said Tuesday, emphasizing the need for vigilance in what is quickly becoming a global trade war.

"The arrow of the Trump-led 'America First' policy has begun to zero in on Korea," Choi said during a Cabinet meeting.

His remarks come as the U.S. president has cited Korea as an example of a country benefiting from trade with the U.S. and other support, while threatening economic disadvantages to Korea's key industries unless more investments are made in his country.

"In his recent speech to the U.S. Congress, Trump indicated his intention to overwhelm Korea, describing Korea's tariffs as unfair and insisting on the withdrawal of subsidies supposed to be offered to Korean chipmakers," Choi said.

Last week, Trump made a groundless claim that Korea's average tariff is four times higher than that of the U.S. His remarks were thought to be pointing to Korea's average most-favored nation (MFN) tariff rate of 13.4 percent, which is approximately four times higher than the 3.3 percent of the U.S.

Seoul immediately refuted his claim, explaining that tariffs imposed for U.S. imports are almost at zero, as the two nations signed a free trade agreement (FTA), while the MFN tariff applies to trade between countries without such a bilateral trade pact.

In particular, Choi mentioned the U.S. government's plan to start imposing reciprocal tariffs on all imports on April 2, which could take a toll on Korean exporters regardless of the FTA signed between the two countries. Besides the reciprocal tariffs, Washington also plans to impose 25 percent tariffs on imports of steel and aluminum products from all countries, including Korea.

"It is now the time for negotiation between the two countries," Choi said. "The government is communicating with the U.S. Department of Commerce and the U.S. Trade Representative, and plans to hold working-level talks on tariffs, as well as on partnerships in the shipbuilding and energy sectors."

With the expectation of a mutually beneficial agreement, he added that the government will prioritize the nation's interests, addressing U.S. protectionism in a more realistic and flexible manner.

Steel pipes are piled up in the yard of a steel plant in Incheon, Tuesday, a day before the U.S. government's planned 25 percent tariffs were to go into effect on imports of steel and aluminum products from all countries, including Korea. Yonhap

A day earlier, the acting president ordered relevant ministries to resolve Washington's misunderstanding about tariffs. Trade Minister Cheong In-kyo has also been tasked with looking for ways to strengthen cooperation with the U.S. in international trade during his visit to Washington next week.

Choi Joong-kyung, a former finance minister serving as the ambassador for international investment cooperation, is visiting Washington from Monday to Friday as well, to seek economic cooperation with the U.S.

During a seminar at the Heritage Foundation, he called for bilateral cooperation in six major sectors: shipbuilding, defense, artificial intelligence, nuclear power plants, energy and batteries. He also urged consistency in U.S. policies to ensure that Korean firms doing business in the U.S. can proceed with their investments, taking into account the CHIPS and Science Act and the Inflation Reduction Act, under which they would receive subsidies in exchange for investing in the country.