Jung In-kyo Expresses Concerns Over U.S. Steel Tariffs
Government to Actively Represent Industry Interests During Upcoming U.S. Visit
Jung In-kyo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, stated on the 11th that the proclamation imposing a 25% tariff without exception on U.S. steel and aluminum raises concerns about a decline in steel exports to the U.S. due to the relative price drop of U.S.-made steel.
On the same day, the Ministry of Trade, Industry and Energy held an industry meeting at the Korea Trade Insurance Corporation in Seoul, attended by representatives from the Steel Association and major exporting companies, to discuss response measures.
According to the U.S. presidential proclamation announced on the 10th (local time), the exemption or quota application previously applied under Section 232 of the U.S. Trade Expansion Act on steel and aluminum tariffs will be effectively abolished, and the original tariffs will be reinstated starting from the 12th of next month.
However, Head Jung said, "There are also opportunities as competitive conditions among major steel exporting countries are equalized," adding, "The government plans to actively express the position of our industry during the upcoming high-level visit to the U.S. and will continue to actively consult with the U.S. government to protect the interests of our industry."
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