South Korea to Develop Response Plan for U.S. Steel Tariffs by Month End

SEOUL, March 13 (Yonhap) -- South Korea plans to create a strategy to address the 25 percent tariff imposed by the United States on all steel imports. This response will aim to protect the South Korean steel industry and is expected to be finalized by the end of this month, according to Industry Minister Ahn Duk-geun.

During a recent meeting with top officials from major steel companies, including POSCO Group and Hyundai Steel Co., Ahn highlighted the government's commitment to take strong action against unfair trade practices. He noted the potential rise in such practices amid an increasing trend of global trade protectionism.

"The U.S. is not alone in this; other major countries like India and members of the European Union are also elevating trade barriers within the steel sector," Ahn indicated.

To counteract this growing trend, the South Korean government is enhancing trade safeguard measures, which will involve closer monitoring of imported goods and addressing circumvention dumping of unfairly imported products.

Recently, the Ministry of Industry decided to enlarge the Korea Trade Commission and establish two new departments dedicated to investigating dumping.

The current tariffs on steel imports were reinstated by the Trump administration, which started on Wednesday, imposing 25 percent duties on all steel, including South Korean imports. Additionally, the administration introduced tariffs on 87 steel and aluminum derivative products and removed duty-free quotas for steel imports from South Korea among other nations.

Previously, in 2018, South Korea had an arrangement where tariffs on its steel products were waived in exchange for a yearly import quota of 2.63 million tons, accounting for approximately 70 percent of the nation's average export volume during 2015 to 2017.

In the meeting, Ahn emphasized the government's intention to bolster support for the steel industry, stating that they will exert all efforts to negotiate with the United States regarding these tariffs.

Currently, Trade Minister Cheong In-kyo is in Washington meeting with officials from the U.S. Trade Representative’s office and other governmental bodies to continue the efforts in tariff negotiations. Ahn encouraged the steel companies to remain mindful of potential uncertainties and proactively reconsider their investment and export strategies aimed at high-value products.

Industry Minister Ahn Duk-geun speaks at a meeting with leaders from major South Korean steel companies in Seoul on March 13, 2025, as shown in this photo provided by his office.

South Korea, Steel, Tariffs