South Korea's Strategy to Combat New U.S. Steel Tariffs
South Korea's Ministry of Industry plans to address the United States' new 50% tariff on steel products through ongoing trade discussions. A recent meeting included major steelmakers like POSCO and Hyundai Steel, aiming to mitigate the tariff's impact on South Korean industry.
- Country:
- South Korea
In response to the United States imposing a new 50% tariff on steel products, South Korea's Industry Ministry announced it would engage in trade discussions to address the issue. This move aims to lessen the blow on South Korea's steel sector.
The Ministry held a strategic meeting with key steel producers, including industry giants such as POSCO and Hyundai Steel, as part of its effort to formulate a comprehensive response.
Officials expressed the necessity of mitigating the economic impact that such tariffs could impose on the South Korean industry, highlighting their commitment to protecting the interests of the nation's economy.
(With inputs from agencies.)
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