Seoul: Acting President Choi Sang-mok announced that South Korea will respond to U.S. President Donald Trump's newly imposed tariffs on steel and aluminum imports with pre-prepared measures, while also seeking further negotiations to protect South Korea's interests.
According to Yonhap News Agency, President Trump signed proclamations on Monday, imposing a 25 percent tariff on all imported steel and aluminum products, effective March 12. The tariffs, which come with no exceptions or exemptions, will affect millions of tons of imports, including those from South Korea.
"In response to the steel and aluminum tariffs, we will first implement the measures we have prepared in advance," Choi stated during a meeting with ministers on economic affairs. Although there are concerns about the impact on domestic steel exporters' profitability, Choi noted that the tariffs could also present opportunities for local companies, as they will be applied uniformly to all competitors.
Choi emphasized that there is still time before the policy takes effect, adding that the government will actively engage in negotiations to ensure South Korea's interests are fully represented.