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Trump Trade War - South Korean trade minister heads to US-The 19th China (Guangzhou)Int’l Fastener & Equipment Exhibition
3/8/2018 fastener expo |
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Yonhap reported that South Korean Trade Minister Kim Hyun chong set out on his second trip to Washington, DC in a week to meet with government officials and lawmakers to get Seoul exempted from proposed steel product tariffs announced by the United States. His trip comes as US President Donald Trump is set to impose a 25 percent tariff on steel imports this week, a move certain to affect South Korean steel producers.
During the four day visit, Mr Kim plans to meet senior policymakers, including US Trade Representative Robert Lighthizer, as part of outreach efforts to help ease toughening import restrictions on South Korean goods, the Ministry of Trade, Industry and Energy said.
Last week, Kim met with Gary Cohn, director of the White House National Economic Council, and US Commerce Secretary Wilbur Ross, as well as lawmakers and industry people to discuss trade issues.
While major US trade partners like Canada, China and the European Union have threatened to take retaliatory actions, the Korean government has remained cautious over its next move amid ongoing negotiations to amend the free trade agreement with the world''s largest economy.
During last week''s meetings, Kim explained that South Korea''s steel exports to the US have declined compared with the peak year and made clear that South Korea''s imports of Chinese steel do not target the U.S. market, his office said.
Among Korean steel exports to the US, a mere 2.4% use Chinese materials. South Korea''s imports of Chinese steel also fell 21% in 2017 compared with a year ago, according to the trade ministry.
Mr Kim also said the sweeping import tariffs would also not only hit steel exporters but also American industries in need of steel, such as auto, construction and aerospace, as well as American consumers.
Korean policymakers and industry officials have stepped up their efforts over the past week to minimize the fallout from the heavy duty''s impact on the local steel industry, but there seems a slim chance of getting the exemption from the steel duties.
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Fastener & Equipment Exhibition
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