South Korea Seeks Tariff Talks Amid U.S. Trade Policy Changes

South Korea is negotiating with the U.S. over anticipated 25% tariffs on steel and aluminium imports, which could affect its economy. The government aims to mitigate the impact and explore new export markets. Steelmakers face losses as discussions continue with global partners and on potential exemptions.

South Korea is actively seeking discussions with the U.S. over the imposition of new 25% tariffs on steel and aluminium imports, amid concerns these could adversely affect its companies. Acting President Choi Sang-mok emphasized the importance of addressing these tariffs to safeguard national business interests.

Choi announced that major South Korean conglomerate leaders are scheduled to visit the U.S. for dialogue, while also consulting with Japan and the EU. Despite the challenges posed by President Trump's firm stance on implementing tariffs, South Korea is exploring negotiation options to counter potential economic impacts.

Trade Minister Cheong In-kyo highlighted that while the tariffs could reduce U.S. steel demand, they might also present opportunities to explore new markets. Meanwhile, South Korean steel companies like POSCO Holdings and Dongkuk Steel Mill have seen stock declines, reflecting market apprehensions.