South Korean Government Holds Emergency Meeting
to Address U.S. Steel and Aluminum Tariffs
U.S. President Donald Trump is expected to announce on the 11th the imposition of a 25% tariff on all steel and aluminum products entering the United States. In response, the South Korean government has launched an urgent review to analyze the impact on the domestic steel and aluminum industries.
On the 10th, the Ministry of Trade, Industry and Energy held an emergency inspection meeting chaired by Deputy Trade Minister Park Jong-won, attended by representatives from the Steel Association and major exporting companies.
Deputy Minister Park stated, "The government is fully mobilizing all available networks, including diplomatic missions in the U.S., to ascertain the specific details," adding, "We will closely cooperate with the industry to actively respond and minimize the impact on our companies."
In this regard, the Ministry plans to closely monitor the U.S. announcement of specific measures while maintaining close communication with the industry and pursuing related actions such as consultations with the U.S. side.
The industry also shared information gathered so far at the association and individual exporter levels and reached a consensus to respond closely together with the public and private sectors.
Earlier, foreign media including Bloomberg reported on the 9th (local time) that President Trump said, "On the 10th, a 25% tariff will be imposed on all steel and aluminum imported into the United States."
During his first term, President Trump also imposed a 25% tariff on steel and a 10% tariff on aluminum citing "national security threats." At that time, South Korea negotiated with the U.S. to be exempted from the steel tariff in exchange for accepting a quota system limiting export volumes. White House spokesperson Karoline Leavitt explained that the newly announced tariffs would be in addition to the existing tariffs on steel and aluminum.
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