SEOUL : South Korea’s Industry Ministry said on Monday it will actively respond to the looming 50 per cent U.S. tariff on steel products as part of the country’s ongoing trade discussions with Washington in order to minimise the impact on industry.
The ministry held an emergency meeting with officials from the country’s major steelmakers, including POSCO and Hyundai Steel, it said in a statement.
U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50 per cent from 25 per cent, ratcheting up pressure on global steel producers and deepening his trade war.
Shares of South Korean steelmakers lost ground on Monday, with Hyundai Steel falling 3 per cent and SeAH Steel Corp down 6.3 per cent in morning trade.
