South Korea's steel product exports to the United States fell nearly 19 per cent year-on-year in March, likely as a result of the Trump administration's high tariffs on all steel imports from last month, according to data released by the Korea Trade Association (KITA) on Friday.
South Korea's steel product exports to the U.S. were worth $340 million in March, down 18.9 per cent from a year earlier, the data showed.
The Trump administration U.S. time began imposing a 25 percent tariff on all steel imports from 12 March as part of its broader tariff plan. U.S. duty-free quotas on steel imports from South Korea and other countries have also been cancelled.
Industry observers said it was difficult to assess the impact of the US tariffs on South Korean steel exports, as deals are usually done months in advance, but there may still be some impact.
In response to the U.S. tariffs, South Korean steel companies are formulating countermeasures, with some planning to increase production in the U.S.
Hyundai Steel plans to invest $5.8 billion through 2029 to build its first overseas production facility, an electric arc furnace steelmaking plant in Louisiana, USA.
