Korean government holds emergency meeting to address planned US steel tariff increase

The Korean government held an emergency meeting with major domestic steelmakers today to discuss the impact of the US plan to double its tariffs on all steel imports to 50% later this week, Yonhap News Agency reported. The meeting, hosted by the Ministry of Trade, Industry and Energy, was attended by officials from POSCO Group, Hyundai Steel, and other major steelmakers, according to ministry officials. The meeting came after US President Donald Trump announced last week that he would double tariffs on foreign steel imports to 50%, effective Wednesday (US time). The ministry said steel industry officials asked the government to quickly share information on US tariff measures and continue to cooperate with the private sector to respond to them. The ministry added that the government will work to minimize any negative impact of US tariffs on domestic industry through trade negotiations with Washington. In May, South Korea's steel exports fell 12.4% year-on-year to $2.6 billion, with shipments to the United States falling 20.6% during the period.