President Lee Jae Myung said Wednesday that Seoul does not take Washington’s recent threat to impose a 100 percent tariff on semiconductors seriously. Describing the threat as an unimpressive attempt to gain leverage in trade talks, he said the government will respond to the issue based on standards and principles. “As far as I know, Taiwan and Korea hold about 80 to 90 percent of the global semiconductor market, so a 100 percent tariff by the U.S. would eventually raise its consumer prices by nearly the same margin,” Lee told reporters during a nationally televised New Year’s press conference. “Most of the tariffs would be passed on to U.S. commodity prices.” He also pointed to the joint fact sheet that Korea and the U.S. signed last November, saying it ensures no less favorable chip tariffs than Taiwan’s. “As stated in the joint fact sheet, commercial reasonableness will be the basis for our decision,” Lee said. “We also have a capable industry minister and negotiation team.”