25 pct tariff on steel imports from S. Korea, other nations to be effective March 12: White House
The White House has said that a 25 percent tariff will apply to all steel imports from South Korea, Japan, the European Union and many other nations starting on March 12, Yonhap reports.
The White House specified the decision on Monday (U.S. time) in a proclamation signed by U.S. President Donald Trump, who announced plans to impose 25 percent tariffs on all steel and aluminum imports coming into the United States "without exceptions or exemptions."
Beginning on March 12, all imports of steel articles and derivative steel articles from Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea and the United Kingdom shall be subject to the tariff, the proclamation showed.
These modifications are "necessary to address the significantly increasing share of imports of steel articles and derivative steel articles from these sources, which threaten to impair U.S. national security," Trump was quoted as saying.
Those countries received exemptions or duty-free arrangements when Trump imposed a 25 percent tariff on all steel imports in 2018 during his first term, citing national security concerns. Seoul was granted a waiver at that time in exchange for a yearly quota of 2.63 million tons of steel exports to the U.S.
Trump said that he determined that steel imports from the newly named countries threaten national security and decided to terminate alternative arrangements with them as of March 12.
"In my judgment, the arrangements with these countries have failed to provide effective, long-term alternative means to address these countries' contribution to the threatened impairment to the national security," Trump noted.
The significant tariff increase raises concerns over its impact on South Korea's exports, which account for about half of the country's economy.
The previous day, South Korea's acting President Choi Sang-mok presided over a meeting of top government officials to discuss the potential ramifications of new U.S. tariffs on metals and the country's responses.
Last year, South Korea exported 28.35 million tons of steel products, with 2.77 million tons shipped to the U.S., according to the Korea Iron & Steel Association. Canada, Mexico, Brazil and South Korea are among the top exporters of steel into the U.S.
It was reported earlier, U.S. President Donald Trump said Friday that he will announce "reciprocal" tariffs next week, as he is seeking to slap tariffs on U.S. imports to match other countries' tariff rates on U.S. exports.
