Impact of U.S. Tariffs on South Korea: A Double-Edged Sword

South Korea's Trade Minister, Cheong In-kyo, has expressed concerns over President Trump's 25% tariffs on steel and aluminum imports. While these tariffs could harm U.S. steel demand and exporter profitability, they might also open new export avenues for Korean companies. Negotiations with the U.S. remain an option.

South Korea's Trade Minister Cheong In-kyo voiced worries on Tuesday about the potential fallout of President Donald Trump's impending 25% tariffs on steel and aluminum imports, set to begin in March. Cheong indicated that the tariffs are likely to dampen U.S. steel demand and hurt the profitability of exporters.

Despite these concerns, Cheong also pointed out that the tariffs might present South Korean firms with opportunities to seek new export markets. The South Korean government is considering the possibility of negotiating the tariffs with the United States, even though Trump has implemented them without exceptions or exemptions.

Cheong's comments came during a meeting with steel industry officials in Seoul, as the country assesses the broader impact of the U.S. administration's trade policies on its economic interests.

(With inputs from agencies.)