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U.S. Doubles Steel Tariffs, South Korea Faces Crisis

6/2/2025

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Summary

South Korea's Steel Response

South Korea's steel industry is bracing for a storm as the U.S. prepares to double tariffs on steel imports from 25% to 50%. This bold move by President Trump aims to shield the U.S. market, prompting South Korean giants like Hyundai Steel to invest in local facilities. Meanwhile, the Industry Ministry is pushing for negotiations to ease the burden.

Summary

South Korea's Export Decline

In May, South Korea faced a 1.3% decline in exports, totaling $57.3 billion, largely driven by an 8.1% drop in shipments to the US due to tariffs. Despite a 5.3% decrease in imports, the nation enjoyed a $6.94 billion trade surplus. Notably, semiconductor exports surged by 21.2%, while automotive shipments fell by 4.4%, and exports to China dipped by 8.4%.

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South Korea's Steel Response

South Korea's steel industry is bracing for a storm as the U.S. prepares to double tariffs on steel imports from 25% to 50%. This bold move by President Trump aims to shield the U.S. market, prompting South Korean giants like Hyundai Steel to invest in local facilities. Meanwhile, the Industry Ministry is pushing for negotiations to ease the burden.

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