US White House Promotes Tariff Effects, Considers Hyundai Steel US Plant

Tariff Impact Weakened by Exemptions
First-Term Tariff Policy Led to Investment Boom
Hyundai Steel's U.S. Investment Case Actively Promoted

U.S. President Donald Trump has decided to impose a 25% tariff on steel and aluminum imported into the United States starting from the 12th of next month, and on the 11th (local time), the White House promoted this measure by citing Hyundai Steel's investment case in the U.S.

In a fact sheet released that day, the White House stated that President Trump imposed a 25% tariff under Section 232 of the Trade Expansion Act during his first term in 2018, but the effectiveness was weakened due to exemptions granted to certain countries.

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It then pointed to exemptions granted to South Korea, Canada, Mexico, Brazil, and Australia, explaining the reason for the comprehensive measure this time by saying, "Unintended loopholes arose due to exemptions for specific countries."

The White House emphasized that President Trump's recent measure will restore fairness in the steel and aluminum markets and strengthen the steel and aluminum industries within the United States.

The White House stated that during the first term of the Trump administration, the steel and aluminum tariffs "sparked an investment boom across the United States," and added, "Recently, there was an announcement that Hyundai Steel is actively considering building a steel mill in the United States."

After previously announcing tariffs on Mexico, Canada, and China, the White House also promoted the effects of the tariffs on the 2nd by introducing media reports about Hyundai Steel's consideration of building a U.S. plant, as well as cases related to Hyundai Motor Group, Samsung Electronics, and LG Electronics.