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Trump formally announces 25% tariff on steel, aluminum imports

Published: 11 Feb. 2025, 10:41

U.S. President Donald Trump speaks as he signs documents in the Oval Office at the White House in Washington, U.S. on Feb. 4. [REUTERS/YONHAP]

U.S. President Donald Trump officially announced a 25 percent tariff on foreign steel and aluminum imports coming into the United States on Monday, Reuters reported, raising concerns over its impact on Korea and other exporters.

The move came as Trump plans to unveil "reciprocal" tariffs on U.S. imports later this week to match tariff rates that other countries impose on U.S. exports in what would be a deepening of trade tensions between America and its trading partners.

Ahead of the announcement, Korea's acting President and Deputy Prime Minister Choi Sang-mok presided over a meeting of top government officials Monday to discuss the potential ramifications of new U.S. tariffs on metals and the country's responses.

Last year, Korea exported 28.35 million tons of steel products, with 2.77 million tons shipped to the United States, according to the Korea Iron & Steel Association. Canada, Mexico, Brazil and Korea are among the top exporters of steel into the United States.

During his first term, Trump imposed a 25 percent tariff on steel imports and 10 percent on aluminum imports. But his administration later granted Korea and other trading partners exemptions in exchange for import quotas.

Yonhap