SEOUL听–听South Korea’s Industry Ministry said on Monday it will聽actively聽respond to the聽looming 50% U.S. tariff on steel products as part of the country’s ongoing trade discussions with Washington in order to minimize the impact on industry.
The ministry held an聽emergency聽meeting with officials from the country’s major steelmakers, including聽POSCO and Hyundai Steel, it said in a statement.
U.S. President Donald Trump聽聽he planned to increase tariffs on imported steel and aluminum to 50% from 25%, 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% and SeAH Steel Corp down 6.3% in morning trade. – Reuters
