South Korea Battles U.S. Tariff Spike on Steel Exports

South Korea is bracing for the significant challenges posed by the U.S. government's decision to double tariffs on steel imports to 50%. The Industry Ministry is actively engaged in discussions to lessen the repercussions for Korean steel producers, given their status as a major export partner to the U.S.

The economic ramifications of this policy have already begun to show. Stock prices for major Korean steel companies, such as POSCO and Hyundai Steel, have taken a downturn, reflecting investor concerns over reduced competitiveness in the U.S. market.

Against this backdrop, strategic discussions are underway between South Korea and the U.S. to secure exemptions for key sectors. Ongoing negotiations are crucial, as Korea seeks to balance trade relations while exploring long-term strategies, including new investments within the U.S., to counteract these geopolitical trade dynamics.

(With inputs from agencies.)