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Korea Herald
a day ago
- Business
- Korea Herald
Govt. convenes emergency meeting on response to planned hike in US steel tariffs
The government held an emergency meeting with major local steelmakers Monday to discuss the impact of the United States' plan to double its tariffs on all steel imports to 50 percent later this week, the industry ministry said. The meeting, hosted by the Ministry of Trade, Industry and Energy, was attended by officials from POSCO Group, Hyundai Steel Co. and other major steel companies here, according to ministry officials. Monday's meeting came after US President Donald Trump said last week he will double tariffs on foreign imports of steel to 50 percent Wednesday. The ministry said steel industry officials asked the government to swiftly share information on US tariff measures and continue cooperation with the private sector to respond to them. The ministry added that the government will work to minimize any negative impact of US tariffs on the local industry through trade negotiations with Washington. In May, South Korea's steel exports went down 12.4 percent from a year earlier to $2.6 billion, with shipments to the US plunging 20.6 percent over the cited period. Korean steelmakers have been working to soften the blow of Trump tariffs, with some companies planning to increase their production in the US. Hyundai Steel plans to invest $5.8 billion to construct an electric arc furnace-based steel mill in Louisiana by 2029, its first overseas production facility, according to company officials. (Yonhap)
India Gazette
6 days ago
- Automotive
- India Gazette
South Korea to aid country's auto-parts industry amid US tariff concerns
ANI 28 May 2025, 14:43 GMT+10 New Delhi [India], May 28 (ANI): The South Korean government plans to provide 250 billion won (USD 182.4 million) in low-interest loans to small and medium-sized auto-parts manufacturers of the state until the end of next year, to help withstand potential negative impacts from the high tariffs imposed by the United States reports Korea Ministry of Trade, Industry and Energy announced that auto-parts manufacturers who have exported environment-friendly vehicles since 2024 are eligible to apply for the loan program. Individual companies can receive a maximum of 500 million won in financial initiative is part of a larger governmental effort to assist industries facing trade uncertainties due to the US Donald Trump administration's tariffs on automobiles, auto parts, steel, and other South Korea intends to allocate 28.6 trillion won in emergency funds and financial assistance to support its exporting Korea's automobile export declined in April 2025 year on year, largely due to a sharp drop in shipments to the United States following Washington's imposition of steep tariffs on foreign-made to North America declined 17.8 per cent to USD 3.36 billion in April 2025, as compared with April 2024. Shipments to the US also plunged 19.6 per cent to USD 2.89 billion.A survey quoted by the newspaper suggests that if US President Donald Trump goes ahead with his current tariff policies, South Korean exporters may see a 4.9 per cent decline in exports during 2025 on a year-on-year basis. The survey was conducted by local pollster Mono Research and commissioned by the country's major business lobby, the Federation of Korean survey also suggested that the worst hit sector is expected to be companies that produce electronics, which is likely to see a steep decline of 8.3 percent, followed by automobiles and parts with a 7.9 percent drop, petroleum products down at 7.2 percent, general machinery at 6.4 percent, semiconductors at 3.6 percent and steel at 2.8 percent. (ANI)
Mint
6 days ago
- Automotive
- Mint
South Korea to aid countrys auto-parts industry amid US tariff concerns
ANI Updated 28 May 2025, 01:53 PM IST New Delhi [India], : The South Korean government plans to provide 250 billion won in low-interest loans to small and medium-sized auto-parts manufacturers of the state until the end of next year, to help withstand potential negative impacts from the high tariffs imposed by the United States reports Korea Ministry of Trade, Industry and Energy announced that auto-parts manufacturers who have exported environment-friendly vehicles since 2024 are eligible to apply for the loan program. Individual companies can receive a maximum of 500 million won in financial initiative is part of a larger governmental effort to assist industries facing trade uncertainties due to the US Donald Trump administration's tariffs on automobiles, auto parts, steel, and other South Korea intends to allocate 28.6 trillion won in emergency funds and financial assistance to support its exporting Korea's automobile export declined in April 2025 year on year, largely due to a sharp drop in shipments to the United States following Washington's imposition of steep tariffs on foreign-made to North America declined 17.8 per cent to USD 3.36 billion in April 2025, as compared with April 2024. Shipments to the US also plunged 19.6 per cent to USD 2.89 billion.A survey quoted by the newspaper suggests that if US President Donald Trump goes ahead with his current tariff policies, South Korean exporters may see a 4.9 per cent decline in exports during 2025 on a year-on-year basis. The survey was conducted by local pollster Mono Research and commissioned by the country's major business lobby, the Federation of Korean survey also suggested that the worst hit sector is expected to be companies that produce electronics, which is likely to see a steep decline of 8.3 percent, followed by automobiles and parts with a 7.9 percent drop, petroleum products down at 7.2 percent, general machinery at 6.4 percent, semiconductors at 3.6 percent and steel at 2.8 percent. This article was generated from an automated news agency feed without modifications to text.
Korea Herald
6 days ago
- Business
- Korea Herald
S. Korea launches feasibility study on trade negotiation items with US: sources
South Korea is checking the economic feasibility of various items that may come as the result of trade negotiations with the United States to assess the impact of such items on the national economy, government sources said Wednesday. The Ministry of Trade, Industry and Energy recently asked the Korea Institute for International Economic Policy to conduct a feasibility study on agenda items of the ongoing trade negotiations between Seoul and Washington, according to the sources familiar with the matter. The two countries have been working to craft a package deal on trade issues, including tariffs, non-tariff barriers and economic cooperation, by July 8, when the 90-day pause on the Donald Trump administration's reciprocal tariffs will end. South Korea has been seeking to gain a full exemption or reduction of the Trump administration's 25 percent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile and other imports. In a working-level meeting last week, the office of US Trade Representative urged Seoul to resolve non-trade barrier issues listed on its 2025 National Trade Estimate Report on Foreign Trade Barriers, a Seoul trade official has said on the condition of anonymity. The NTE report had laid out a wide range of Korea's non-tariff measures, including its import ban on American beef from cattle aged 30 months or older, South Korea's "offset" defense trade policy, digital trade barriers, such as restrictions on the export of location-based data, and emission-related regulations on imported cars, as well as pricing policies for pharmaceuticals. Though details of Washington's requests have not been disclosed, industry watchers say the US may have also raised an issue with Seoul's high tariffs on rice imports, which Trump has mentioned as an example of trade barriers by foreign countries in his speech announcing the country-by-country reciprocal tariffs in early April. Seoul's baseline tariff on rice imports stands at 513 percent, but the country actually implements only a 5 percent tariff on a yearly import quota of up to 132,304 tons of US rice. South Korea's trade treaty law requires the government to conduct economic feasibility studies on new trade deals that may have a significant influence on the national economy and submit a report on the negotiations to the National Assembly. South Korea plans to pass the baton of the ongoing tariff negotiations with the US to the next government as the country is set to hold its presidential election next Tuesday, with the incoming administration widely expected to take office the very next day. "The US seems to have put many issues on the table as part of its negotiation strategy, but given the timeline and South Korea's domestic situation, Washington likely understands that it is difficult to reach a conclusion on these matters in the near future," a government official said. (Yonhap)
Korea Herald
27-05-2025
- Business
- Korea Herald
Ex-Samsung CEO named new head of govt. R&D strategy division for industry, energy
Kim Hyun-suk, former executive of South Korean tech giant Samsung Electronics Co., has been appointed as the new head of the government's research and development strategy division for industry and energy sectors, the industry ministry said Tuesday. Kim will lead the R&D strategy planning division under the Ministry of Trade, Industry and Energy, which is in charge of devising strategies for investment and innovation of various industries and the energy sector, according to ministry officials. The R&D division has been allocated 5.7 trillion won ($4.2 billion) in budget this year. After joining Samsung Electronics as an engineer, Kim had served as the head of the company's display and consumer electronics, as well as a senior adviser on future technologies. "Kim is recognized as an expert with deep understanding of the industrial field and strategic insight," the ministry said. "We expect him to strengthen the bridge between the government's R&D policies and the corporate sector." Kim's appointment marks the first time since 2010 that a former corporate CEO has been tapped to lead the industry ministry's R&D strategy planning division. In 2010, former Samsung Electronics President Hwang Chang-gyu was named the inaugural head of the division. (Yonhap)
