Cookie & Privacy Policy

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. View the privacy policy to find out more here.

Kallanish Kallanish

Knowledge matters Knowledge matters

December, 7th 2021

Free Trial Buy Subscription
NOV 22

South Korea requests steel tariff negotiations with US


South Korean trade minister Yeo Han-koo called for trade negotiations with the US on steel tariffs at a press conference on Monday.

This comes after the US and EU reached a new tariff agreement on steel exports last month, and the US agreed to renegotiate steel tariffs with Japan last week, Kallanish notes. ''Because South Korea is a rival of the EU and Japan in the US, I've strongly raised the necessity of negotiations with the US on the matter," Yeo Han-koo said.

South Korea's exclusion from these negotiations was because of Seoul's earlier agreement with the Trump administration on a limit on exports to the US of 70% of the average volume between 2015 and 2017. Such a ceiling allowed Korea-manufactured steel exports to avoid the 25% tariff imposed under Section 232 rules on other suppliers.

Regarding the timing for negotiations, Yeo said: "For the time being, it's too early to judge; however, because the United States Trade Representative (USTR) and US Department of Commerce are involved in the matter simultaneously, we will try our best for an early start by maintaining minister-level communications."

By Kallanish Team