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Korea Herald
3 days 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)
Korea Herald
20-02-2025
- Business
- Korea Herald
Trade minister says S. Korea communicating with US on tariff measures
The South Korean government has been communicating with the United States on the latter's plan to impose new tariffs as part of efforts to reduce uncertainties for domestic industries, Seoul's trade minister said Thursday. Trade Minister Cheong In-kyo made the remarks in a meeting with the heads of major local think tanks held to discuss Seoul's strategy on the protectionist trade policies of US President Donald Trump, according to his office. The meeting was attended by the chiefs of nine research institutes, including those under Samsung Group, Hyundai Motor Group, POSCO Group and LG Group. Thursday's meeting came amid mounting concerns over the US government's plan to levy tariffs on various goods from other countries, including steel, aluminum and automobiles, as well as reciprocal tariffs on the US' key trading partners. "We are operating our channel with the US to respond to the realization of various US trade measures and help local industries overcome uncertainties," Cheong said, calling for stronger cooperation between the government and think tanks to devise a response strategy. South Korea's Deputy Trade Minister Park Jong-won is currently visiting Washington to meet with US government officials and discuss Trump's trade policies and their effect on Korean industries. (Yonhap)
