On November 22, South Korea’s Minister of Trade Lu Hanku called for negotiations with the US Department of Trade on steel trade tariffs at a press conference.
“The United States and the European Union reached a new tariff agreement on steel import and export trade in October, and last week agreed to renegotiate steel trade tariffs with Japan. The European Union and Japan are South Korea’s competitors in the US market. Therefore, I strongly recommend it. Negotiations with the United States on this matter.” Lu Hangu said.
It is understood that the South Korean government has previously reached an agreement with the Trump administration to limit its steel exports to the United States to 70% of the average steel exports from 2015 to 2017. South Korean imports of steel within this restriction can be exempt from the United States 25 % Part of the tariff.
It is understood that the negotiation time has not yet been determined. The Ministry of Trade of South Korea stated that it will start communication through a ministerial meeting, hoping to secure an opportunity for negotiation as soon as possible.