South Korea Prepares to Counter U.S. Steel Tariffs

By Kim Han-joo

SEOUL, Feb. 11 -- Acting President Choi Sang-mok announced on Tuesday that the South Korean government will take action against the recently imposed U.S. tariffs on steel imports. These measures have been pre-prepared and aim to safeguard the interests of South Korea during negotiations with Washington.

On Monday, U.S. President Donald Trump signed declarations enacting a 25 percent tariff on steel and aluminum imports starting March 12. This policy will not make any exceptions, affecting millions of tons of imported steel and aluminum, including goods from South Korea.

Choi stated that, in response to the tariffs, the government will implement its prior strategic measures first. He expressed that while there are concerns regarding the tariffs' negative impact on the profitability of domestic steel exporters, there might also be potential opportunities for local companies since these tariffs will apply fairly across all competitors.

During a meeting with economic ministers, Choi reassured that there is still time to negotiate before the tariffs take effect. He emphasized that the government will work diligently to ensure that South Korean interests are adequately represented during these discussions.

Acting President Choi Sang-mok is seen in this undated file photo.

For further updates on this situation, South Korea's economic strategy will evolve as negotiations proceed and industry responses are assessed.

SouthKorea, Steel, Tariffs