South Korea to minimise impact of 50% tariff on steel products, ministry says
SEOUL, June 2 (Reuters) - South Korea's Industry Ministry said on Monday it will actively respond to the looming 50% U.S. tariff on steel products as part of the country's ongoing trade discussions with Washington in order to minimise the impact on industry.
The ministry held an emergency meeting with officials from the country's major steelmakers, including POSCO (005490.KS), opens new tab and Hyundai Steel (004020.KS), opens new tab, it said in a statement.
U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25%, ratcheting up pressure on global steel producers and deepening his trade war.
Shares of South Korean steelmakers lost ground on Monday, with Hyundai Steel falling 3% and SeAH Steel Corp (306200.KS), opens new tab down 6.3% in morning trade.
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