South Korea’s top economic think tank on Tuesday slashed its growth forecast for the country’s economy for the second time in four months, expressing concern about the potential impact of U.S. President Donald Trump’s expanding tariffs.

South Korea's acting President Choi Sang-mok on Tuesday said his government would seek talks with the U.S. administration about Washington's 25% tariffs on steel and aluminium imports to reflect the interests of its companies.

The benchmark Korea Composite Stock Price Index had added 1.16 points, or 0.05 per cent, to 2,523.09 as of 11:20 a.m. The index opened markedly lower on news that Trump will announce a new 25 percent tariff on all steel and aluminum imports into the United States, as well as reciprocal tariffs to take effect almost immediately.