U.S. to Impose 25% Tariff on Imported Steel from 1 PM… South Korea’s Quota Abolished

# Trump’s 25% Tariff on Steel and Aluminum Imports Comes Into Effect WASHINGTON—In an effort to revive domestic industries, President Donald Trump’s 25% tariff on imported steel and aluminum will take effect starting at 1 p.m. Korean Time on the 12th of this month. Following the executive order titled ‘Adjusting Imports of Steel into the United States,’ which President Trump signed on March 10, the U.S. will begin levying 25% tariffs on all imported steel and aluminum as of April 12, local time. Although President Trump has rolled out numerous tariff policies since his inauguration, this is the first instance of a tariff directly impacting South Korean industries. Previously, South Korea negotiated to limit its export volume to continue enjoying duty-free benefits after Trump imposed a 25% tariff on imported steel during his first term. However, under the new mandate, the quota system will be abolished, and a uniform 25% tariff will be applied. South Korea’s aluminum exports, which were previously subject to a 10% tariff under Trump’s first term, will now face a higher 25% tariff. Earlier, President Trump signed an order imposing a 25% tariff on imports from Canada and Mexico, with a one-month grace period. Some items were granted a deferral beyond this period, but the tariffs on steel and aluminum will proceed as initially planned. According to statistics from the International Trade Administration (ITA) under the U.S. Department of Commerce, South Korea’s steel exports to the U.S. amounted to $2.9 billion last year, representing about 9% of the total steel exports valued at $33.29 billion. The concern is that this measure might be just the beginning. President Trump is set to introduce reciprocal tariffs on most countries starting April 2. During a congressional address on April 4, he argued that South Korea’s tariffs on U.S. products were four times higher than U.S. tariffs on South Korean products, suggesting South Korea as a likely major target in the upcoming actions. The South Korean government plans to explain its stance to the U.S. before the reciprocal tariffs come into effect. This week, Trade Negotiation Director Chung In-gyo will reportedly visit Washington D.C. to take direct action.