South Korean trade authorities on Wednesday began discussing strategies in response to potential US trade policies under Donald Trump's second term as president.

The Ministry of Trade, Industry and Energy said it convened an emergency meeting to review potential policy responses centered around Trump's campaign pledges.

The ministry has been closely monitoring and analyzing the possible impacts of the US election outcome on major industries, including semiconductors, automobiles, batteries and steel.

On Thursday, another meeting, led by Industry Minister Ahn Duk-geun, will be held to gather feedback and finalize specific response strategies.

A second Trump presidency could have significant implications for South Korea's trade policy, as Trump has previously suggested imposing an up to 20 percent tariff on all goods imported into the US. (Yonhap)