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Thu, February 3, 2022 | 15:38
Manufacturing
FKI urges US to exclude Korea from steel limits
Posted : 2018-03-04 16:37
Updated : 2018-03-04 18:13
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By Nam Hyun-woo

The Federation of Korean Industries (FKI) said Sunday it has sent letters to key United States officials urging the U.S. to exclude Korea from tariffs on steel imports.

The lobby group said the letter was sent to 565 U.S. officials, including Senate Finance Committee Chairman Orrin Hatch, House Ways and Means Committee Chairman Kevin Brady, Secretary of State Rex Tillerson, Secretary of Commerce Wilbur Ross, senators, congressmen and White House officials.

In the letter, FKI Chairman Huh Chang-soo said "Korean businesses are very concerned about possible heightened restrictions on Korean imports to the U.S" and "tariffs on steel imports to America, especially Korean steel, should be reconsidered."

Huh wrote that the tariffs effects on protecting U.S. jobs and industries were uncertain and could adversely affect the general global economy, as well as stressing that both Korea and the U.S. enjoyed vibrant trade relations as well as a military alliance.

In the letter, Huh stressed that "imposing heavy tariffs or quotas on imported steel may help the local steel industry in the U.S., but will also cause counter-effects in many local steel-consuming industries, such as difficulty in supplying and obtaining parts, producing goods, and providing jobs."

Regarding the Feb. 16 announcement by Tillerson that countries subject to import limits would decided on by whether they circumvented restriction on the use of Chinese steel and how fast they expanded steel production capacity, Huh wrote that Korea has never been involved in the export of circumvented goods made of Chinese steel.

"Korea's major steel export item to America is mainly made of Japanese steel and the percentage of Chinese steel use in Korean products is only 2 percent," he wrote.

Huh continued that Korea has contributed significantly to the American economy, saying Korea's investment in the U.S. has doubled since the Korea-U.S. free trade agreement took effect in 2012. Korea invested a record $13.1 billion from January to September in 2017, more than double the $5.7 billion in 2012.

He added that Korea is one of America's core allies with a mutual defense treaty and the "blood-forged alliance between Korea and the U.S. should supersede any other considerations in dealing with a bilateral issue."

An FKI official said that the lobby group sent the letter as a preemptive measure to persuade U.S. officials, amid Trump's announcement to place hefty tariffs on imported steel and aluminum a day earlier. The president said tariffs would be 25 percent on steel and 10 percent on aluminum, and would be formally announced next week.

"The U.S. has already imposed 30 to 60 percent antidumping and countervailing duties to Korean steel," the FKI official said. "If the U.S. places hefty duties again, Korean steel makers' U.S. exports will not be possible in the future."



Emailnamhw@ktimes.com Article ListMore articles by this reporter



 
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