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Trade minister raises concerns over Canada's steel industry safeguard plan

Published: 11 Dec. 2025, 13:43 Updated: 11 Dec. 2025, 14:37

Trade Minister Yeo Han-koo, right, speaks at a meeting with his Canadian counterpart, Maninder Sidhu, at the Republic of South Africa on Oct. 11, in this photo provided by Yeo's office. [MINISTRY OF TRADE, INDUSTRY AND RESOURCES]

Trade Minister Yeo Han-koo held talks with his Canadian counterpart on Thursday to deliver concerns over Ottawa's plan to implement stronger safeguard measures for its steel industry, which could affect exports of Korean products, officials said.

In a virtual meeting with Canadian Trade Minister Maninder Sidhu, Yeo expressed "grave" concerns over Canada's decision to implement such measures starting on Dec. 26 and asked for favorable treatment for Korean steel products, considering the countries' longstanding trade ties, according to the Ministry of Trade, Industry and Resources.

Canada recently announced its plan to reduce the current tariff rate quotas (TRQs) for steel imports to protect its steel industry amid global oversupply.

Under the plan, Canada's steel TRQs for countries with an FTA, including Korea, will be decreased from 100 percent to 75 percent of 2024 levels.

The ministry said Yeo has pointed out that Canada's steel TRQs violate the free trade system under the World Trade Organization and infringe on the FTA between the two countries.

Yonhap