South Korea to minimise impact of 50% tariff on steel products, ministry says

2/6/2025 13:51

South Korea's Industry Ministry said on Monday it will respond to the looming 50% U.S. tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry.



U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25% starting Wednesday, ratcheting up pressure on global steel producers and deepening his trade war.



According to American Iron and Steel Institute data, South Korea is the fourth-biggest exporter of steel to the United States, behind Canada, Mexico and Brazil last year.



South Korea's Industry Ministry said in a statement that it had held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel .