Steel and Aluminium Tariff Surge: Global Trade Tensions Escalate
U.S. President Donald Trump announced a 50% tariff hike on imported steel and aluminum, affecting key Asian exporters like South Korea and Vietnam. The increased rates, part of a wider trade dispute, may disrupt global trade dynamics. South Korea seeks to minimize impacts through trade discussions.
Global trade tensions escalated as U.S. President Donald Trump unveiled a significant 50% increase in tariffs on imported steel and aluminium, targeting major Asian exporters including South Korea and Vietnam.
The news sent shockwaves through the markets with shares of leading steelmakers dropping sharply amid fears of disruption to the global supply chain.
In response, South Korea announced plans to engage in trade discussions with Washington to mitigate adverse effects, highlighting the increased challenges faced by Korean steel exporters.
(With inputs from agencies.)
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