South Korea's Strategic Response to U.S. Steel Tariffs
South Korea's Industry Ministry is responding to a proposed 50% U.S. tariff on steel products, aiming to mitigate impacts on its steel industry. An emergency meeting was held with major steelmakers like POSCO and Hyundai Steel. Concerns grow as South Korean steel shares decline amid the trade tensions.
South Korea's Industry Ministry announced plans to address the impending 50% U.S. tariff on steel products. This move is part of ongoing trade talks with Washington, aimed at cushioning the blow to the local industry.
In response to this development, the ministry convened an emergency meeting with top executives from leading South Korean steel companies, including POSCO and Hyundai Steel. The discussions are a reaction to U.S. President Donald Trump's intention to double tariffs on imported steel and aluminum from 25% to 50%, further escalating the international trade war.
The prospect of increased tariffs has already impacted the market, with notable declines in share prices of South Korean steelmakers. On Monday, Hyundai Steel's stock dropped by 3%, while SeAH Steel Corp witnessed a decline of 6.3% during morning trading.
(With inputs from agencies.)
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