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The government has begun taking action in response to the United States’ moves to expand tariffs on steel and aluminum derivative products and auto parts under Section 232 of the Trade Expansion Act.
The Ministry of Trade, Industry and Energy held a joint public-private countermeasure meeting at the Korea International Trade Association in Seoul on September 23, unveiling a comprehensive support plan aimed at minimizing damage to businesses. Around 30 participants, including industry associations, companies, the Korea International Trade Association, the Korea Chamber of Commerce and Industry, KOTRA, law firms, and accounting firms, gathered to discuss response strategies.
Previously, following an initial additional procedure in May, the U.S. Department of Commerce announced on August 18 that it would add 407 steel and aluminum derivative products to the 50% tariff list. From September 15 to 29, it is accepting a second round of applications from domestic industries, and beginning October 1, it will initiate the first additional procedure for auto parts. As Korea’s key export items are increasingly likely to be directly affected, tensions are rising across the industry.
In line with these procedures, the government shared specific drafting guidelines with industry associations and individual companies, working together with legal and accounting experts to help them prepare counterarguments. Participants discussed the main points to be included in their statements and agreed to cooperate so that these would be formally submitted.
To prevent cases where companies suffer disadvantages due to a lack of understanding on the ground, the government will expand its “on-site import regulation consulting” program. The plan is to directly visit industrial complexes and provide free, practical consultations on issues such as reporting steel and aluminum derivative content and customs clearance, thereby enhancing companies’ ability to respond. The consulting program has already been held in Changwon, Daejeon, and Gumi, and will continue in Ansan at the end of this month and in Gwangju next month.
In addition, the government plans to closely monitor future trends in the expansion of Section 232 tariffs by the United States and to quickly disseminate relevant information to the industry through the regular public-private channel that has been in operation since February.
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