KPL
(KPL/Yonhap) Acting President Choi Sang-mok on Thursday directed officials to take measures to prevent any possible disruption in the domestic market caused by a sudden rise in steel products that have failed to be shipped to the United States due to increased tariffs.
(KPL/Yonhap) Acting President Choi Sang-mok on Thursday directed officials to take measures to prevent any possible disruption in the domestic market caused by a sudden rise in steel products that have failed to be shipped to the United States due to increased tariffs.
The U.S.' sweeping 25 percent tariffs on steel and aluminum imports from all countries took effect as President Donald Trump pushed for increased levies on the metals to bolster domestic manufacturing.
During a meeting with ministers and officials, Choi emphasized the need to prioritize negotiations with Washington while ensuring that the sudden surplus of steel does not flood the domestic market.
Given the significant potential impact on small and medium-sized enterprises (SMEs) dealing with steel and aluminum-related products, Choi directed authorities to provide tailored support measures.
Trump removed all exemptions from his 2018 tariffs on the metals while also raising aluminum tariffs from 10 percent. His latest move, based on a directive issued in February, is expected to disrupt and reshape the global trade landscape.
KPL
