South Korea Seeks Steel Tariff Relief from EU

South Korean President Lee Jae Myung has requested that the European Union provide favorable conditions for Korean steel exporters amid upcoming tariff increases. During a summit with EU officials, Lee cited South Korea's strategic trade partnership, urging for equal market access terms. EU plans to cut tariff-free imports considerably.

In an appeal to the European Union, South Korean President Lee Jae Myung has asked for preferential treatment for Korean steelmakers facing impending tariffs. His request was made during a summit in Belgium with European Council President Antonio Costa and European Commission President Ursula von der Leyen.

The South Korean administration emphasized the need for equal market access underlining South Korea's role as a strategic trade partner. President Lee's call comes ahead of the EU's expected tariff increase on steel imports, set to begin July 1.

Currently, South Korea ranks as the second-largest steel exporter to the EU, with 3.3 million tons shipped in 2024. The European Parliament’s decision to reduce tariff-free steel imports poses significant challenges to this trade relationship.