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South Korea government sends envoy to US to argue against steel tariffs- The 19th China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
2/28/2018 steel tube expo-tube &pipe expo |
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Korea Joongang Daily reported that Trade Minister Kim Hyun-chong left for Washington where he will be meeting politicians and industry officials throughout the week in the hope of persuading US President Donald Trump not to impose higher tariffs and an even stricter quota on Korean steel and aluminum imports. Kim is expected to reassure Washington officials on the indirect importing of Chinese steels through Korea.
The Korea Iron and Steel Association estimates Korean steel exports to the United States at USD 3.2 billion last year. This is nearly triple the size of washing machine exports to the United States, at roughly USD 1 billion in 2016, and more than double the USD 1.3 billion worth of solar energy modules exported to the US in 2016. This translates to a much bigger hit on Korean exported goods if the 53 percent tariff is imposed on steel.
Korea ranks third, accounting for 9% of steel imported into the US in 2017, after No. 1 Canada with 16% and Brazil with 13%.
- The
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