Busan Chamber of Commerce and Industry Visits Companies to Address Trade Crisis Challenges

Discussion on Tariff Response Measures
During Visit to Hyundai RB, a Leading Steel Pipe Manufacturer

On April 22, Yang Jaesaeng, Chairman of the Busan Chamber of Commerce and Industry, visited Hyundai RB, a company specializing in steel pipe manufacturing. He toured the production site and held an on-site meeting to directly listen to the difficulties faced by companies amid the rapidly changing external trade environment.

Busan Chamber of Commerce and Industry is conducting on-site visits to companies facing difficulties due to the trade crisis and taking a commemorative photo. Photo by Busan Chamber of Commerce and Industry

The visit was arranged to directly confirm the challenges of local companies struggling with the tariff policies of the Trump administration. Four relevant public officials, including the Busan Metropolitan Government’s Corporate Policy Cooperation Officer, the Head of the Corporate Field Support Team, and the Head of the Corporate Regulation Innovation Team, accompanied the visit to develop practical policy alternatives.

Hyundai RB, which relocated its headquarters from Ulsan to the Myeongnye Industrial Complex in Busan in 2020, expressed various difficulties, including the need for support policies regarding tariff issues faced by companies with a high proportion of exports to the United States.

Lee Sangcheol, CEO of Hyundai RB, said, "The 25% tariff imposed by the United States on steel products is causing severe damage to domestic steel companies with a high export ratio. Due to the increased product prices reflecting the tariff hikes, our price competitiveness has declined, resulting in a decrease in order volumes."

In response, Yang Jaesaeng, Chairman of the Busan Chamber of Commerce and Industry, stated, "The expansion of global uncertainty due to the strengthening of protectionism in the United States is having a significant impact on export manufacturing industries. The Busan Chamber of Commerce and Industry is preparing various support measures through the operation of a tariff response task force and fact-finding investigations. We will establish a field-oriented response system in cooperation with Busan Metropolitan Government and related organizations so that local companies can receive practical assistance."

Based on the discussions, the Busan Chamber of Commerce and Industry plans to continue seeking effective support measures for tariff responses through ongoing collaboration with Busan Metropolitan Government and related organizations.