Data released by the Korea International Trade Association (KITA) on Friday showed that South Korea's exports of steel products to the US in March decreased by nearly 19% year - on - year. This could be the result of the Trump administration imposing high tariffs on all steel imports starting last month.
The data indicated that South Korea's exports of steel products to the US in March were worth $340 million, a decrease of 18.9% compared with the same period last year.
The Trump administration began imposing a 25% tariff on all imported steel on March 12 (US time) as part of its broader tariff plan. The US also cancelled the duty - free quotas for steel imports from South Korea and other countries.
Industry observers said that it was still difficult to assess the impact of US tariffs on South Korea's steel exports, as transactions are usually completed several months in advance, but there might still be some effects.
In response to the US tariffs, South Korean steel companies are formulating countermeasures, and some companies plan to increase production in the US.
Hyundai Steel plans to invest $5.8 billion to build its first overseas production facility, an electric arc furnace steel plant, in Louisiana, the US, by 2029.
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