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Gov't convenes emergency meeting on response to planned hike in U.S. steel tariffs

Published: 02 Jun. 2025, 10:05 Updated: 02 Jun. 2025, 13:46

Steel products pile up at Pyeongtaek Port in Gyeonggi on June 1. [YONHAP]

The government held an emergency meeting with major local steelmakers Monday to discuss the impact of the United States' plan to double its tariffs on all steel imports to 50 percent later this week, the Ministry of Trade, Industry and Energy said.

The meeting, hosted by the Industry Ministry, was attended by officials from Posco Group, Hyundai Steel and other major steel companies in Korea, according to ministry officials.

Monday's meeting came after U.S. President Donald Trump said last week he would double tariffs on foreign imports of steel to 50 percent on Wednesday.

The ministry said steel industry officials asked the government to swiftly share information on U.S. tariff measures and continue cooperation with the private sector to respond to them.

The ministry added that the government will work to minimize any negative impact of U.S. tariffs on the local industry through trade negotiations with Washington.

In May, Korea's steel exports went down 12.4 percent from a year earlier to $2.6 billion, with shipments to the United States plunging 20.6 percent over the cited period.

Korean steelmakers have been working to soften the blow of Trump tariffs, with some companies planning to increase their production in the United States.

Hyundai Steel plans to invest $5.8 billion to construct an electric arc furnace-based steel mill in Louisiana by 2029, its first overseas production facility, according to company officials.

Yonhap