경제

U.S. slaps 25 percent tariffs on Korean steel and aluminum

입력 2025.03.13 17:50

Song Yoon-kyung, Ahn Kwang-ho

Steel products waiting to be exported are piled up at the Port of Pyeongtaek in Gyeonggi Province on March 12, when the U.S. government begins imposing 25 percent tariffs on all foreign steel and aluminum products. Reporter Kwon Do-hyun

As U.S. President Donald Trump announced, the U.S. government began imposing 25 percent tariffs on all Korean steel and aluminum imports from March 12. Amid the expected imposition of tariffs on agricultural products imported to the U.S., voices are growing that the Korean government should lift its ban on importing American beef from cattle aged 30 months or older.

According to Korea’s Ministry of Trade, Industry and Energy, the U.S. imposed 25 percent tariffs on 166 steel, aluminum, and derivative products such as bolts, nuts and springs that go through customs clearance in the U.S. from 1:01 p.m. ET (local time) on the same day.

However, 87 of the derivative products, including auto parts, such as bumpers, bodies, and suspensions, and aviation and home appliance parts, were subject to tariffs based on their steel and aluminum content.

According to the ministry, the U.S. National Cattlemen's Beef Association (NCBA) requested the U.S. Trade Representative (USTR) to improve quarantine regulations, saying that “Korea's ban on importing American beef from cattle aged 30 months or older should be lifted.” Since 2008, Korea has been importing only beef from cattle aged under 30 months due to concerns over mad cow disease. Korea is currently the largest importer of U.S. beef.

Next month, an even stronger “tariff bomb” (reciprocal tariffs) is expected. Under the Korea-U.S. Free Trade Agreement (FTA), the average tariff rate on Korean imports to the U.S. was 0.79 percent last year.

However, the U.S. government plans to convert a wide range of trade barriers, including taxes such as value-added tax, export subsidies, various regulations, and exchange rate manipulation, to tariffs.

Last month, Industry Minister Ahn Duk-geun met with U.S. Secretary of Commerce Howard Lutnick to request a tariff exemption for Korea. At that time, Korea drew a positive response from the U.S. by suggesting that if the U.S. orders large quantities of warships, tankers, and icebreakers, it could produce U.S. supplies first. However, this bargaining chip was not enough to avoid the tariff bomb. Trade Minister Cheong In-kyo traveled to the U.S. on March 13 to meet with senior USTR officials.

경제 많이 본 기사

As the U.S. imposition of tariffs begins, related industries are getting nervous. In particular, the steel industry, which has a large proportion of exports to the U.S., will lose its 2.63 million tons quota, which has been subject to zero tariffs.

However, some argue that Korea is not particularly disadvantaged because all countries except the U.S. will bear the same tariff burden. If the competitiveness of Korean steel is recognized, it may lead to a boom in exports beyond the “quota shackles” in conjunction with the expansion of the LNG market in the U.S.

※This article has undergone review by a professional translator after being translated by an AI translation tool.