Industry ministry discusses response to possible expansion of US tariffs on steel, aluminum derivatives with companies
This file photo shows steel products waiting to be exported at a port in Pyeongtaek, Gyeonggi Province, Aug. 24. Yonhap
The industry ministry said Tuesday it held a meeting with private companies to discuss Korea's response to a potential expansion of U.S. tariffs on steel and aluminum derivatives, as well as auto parts.
The U.S. Commerce Department is currently accepting inclusion requests from American companies to include steel and aluminum derivatives in the 50 percent tariff scheme on such products, with the process set to close next week.
The move follows President Donald Trump's administration's imposition of 50 percent duties on 407 additional steel and aluminum derivative products in August.
To proactively respond to such measures, the Ministry of Trade, Industry and Energy met with trade agencies and companies in the sectors to assess the potential impact of Washington's move and discuss support measures for Korean industries, according to ministry officials.
In the meeting, the ministry pledged to help Korean companies submit written opinions opposing the expansion of U.S. tariffs to the Trump administration and provide consultations on exports of the affected products.
Starting in October, the U.S. administration also plans to investigate auto parts that could be added to the list of items subject to its 25 percent sectoral tariff on the automotive industry, raising further concerns among related industries in Korea.