S. Korea to devise response measures to US tariffs on steel this month: minister
Seoul will come up with a response strategy before the end of this month to deal with the United States' 25 percent tariff on all steel imports and protect the Korean steel industry, the industry minister said Thursday.
Industry Minister Ahn Duk-geun offered the timeline at a meeting with officials from major steelmakers, including Posco Group and Hyundai Steel Co., saying the government will "sternly respond to any attempts of unfair trade activities."
"The government is working to bolster trade safeguard measures, including strengthening monitoring on imported goods and circumvention dumping on unfairly imported products," he said.
The Donald Trump administration imposed 25 percent duties on all steel imports, including those from South Korea, starting Wednesday.
The Trump administration also levied tariffs on 87 steel and aluminum derivative products, and lifted duty-free quotas for steel imports from South Korea and other countries.
In 2018, the first Trump administration had waived tariffs on South Korean steel products in exchange for a yearly import quota of 2.63 million tons, which accounted for around 70 percent of Korea's average export volume between 2015 and 2017.
In the meeting, Ahn told the steel companies the government will work to enhance support measures for the industry and put in all-out efforts to negotiate with the US on the matter.
"I ask the companies to consider heightened uncertainties as a constant variable and proactively review investment and export strategies focused on high-value products," Ahn said. (Yonhap)
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