Seoul: The industry ministry announced it held discussions with private companies to address South Korea's stance on a potential broadening of U.S. tariffs on steel and aluminum derivatives, as well as auto parts.
According to Yonhap News Agency, the U.S. Commerce Department is currently accepting requests from American companies to include these derivatives in a 50 percent tariff scheme, with the process concluding next week. This development comes after the Trump administration imposed 50 percent duties on an additional 407 steel and aluminum derivative products in August.
In a bid to address these challenges, the Ministry of Trade, Industry and Energy convened with trade agencies and companies to evaluate the potential repercussions of Washington's actions and discuss support strategies for Korean industries. Ministry officials stated that they would assist Korean companies in submitting written opposition to the U.S. administration and offer consultations on exporting the impacted products.
Furthermore, starting in October, the U.S. plans to investigate auto parts that could be included in its 25 percent sectoral tariff on the automotive industry, heightening concerns among related sectors in South Korea.