Trade Minister Cheong In-kyo emphasized on Monday that all efforts should be focused on thoroughly preparing to minimize uncertainties for businesses as former US President Donald Trump is set to take office for his second term.

Cheong made the remarks during a meeting with ministry officials, as Trump, who is set to return to the White House in January next year, has pledged to implement significant policy changes, including higher tariffs on imported goods.

The ministry has held a series of meetings with representatives from key sectors, including semiconductors, automobiles and secondary batteries, which are expected to be significantly affected by such changes.

"To minimize the management uncertainties facing our companies, we must gather all our resources and collaborate between the public and private sectors to prepare thoroughly for various scenarios," Cheong said.

The minister further added that with the US Republican Party securing a majority in both bodies of Congress in Washington, significant changes in our external environment are inevitable.

The ministry said it will continue to listen to industry concerns and suggestions, as well as review response strategies for key trade issues with the United States under different scenarios. (Yonhap)