Trump's 25% Steel and Aluminum Tariffs Take Effect on the 12th... Impact on South Korea Too

Immediate Tariffs on 166 Items Including Bolts and Nuts
Tariff Deferral for 87 Types Including Auto Parts
Korea’s Duty-Free Quota Abolished... Inevitable Impact

U.S. President Donald Trump’s 25% tariffs on steel and aluminum targeting the entire world will take effect on the 12th (local time). With the elimination of the steel tariff exemption quota that was applied through negotiations with the United States, South Korea has also come under the influence of this measure.

White House Deputy Press Secretary Cush Desai stated, "According to the previous executive order, a 25% tariff on steel and aluminum will take effect at midnight on March 12 for Canada and all other trade partners without exceptions or exemptions."

According to the executive order signed by President Trump on the 10th of last month, a 25% tariff will be imposed on all imported steel, aluminum, and their derivatives starting at 12:01 a.m. on the 12th (Eastern Time, U.S.). South Korea will be subject to this measure from 1:01 p.m. on the 12th (Korean time). This steel and aluminum tariff is the first case of the United States imposing tariffs on all countries after President Trump’s second term began.

During his first term, President Trump imposed tariffs of 25% on steel and 10% on aluminum, but this time he raised the aluminum tariff rate to 25% and expanded the tariff coverage to 253 derivative products. All exceptions and tariff exemptions that had been applied through agreements with various countries have been eliminated.

However, tariffs will be immediately applied from the 12th on 166 derivative products such as bolts, nuts, and springs, while tariffs on 87 derivative products including automotive parts like bumpers, bodies, suspensions, home appliance parts, and aircraft parts will be deferred until further notice from the U.S. Department of Commerce.

If the tariff measures are implemented without reversal by President Trump, the existing steel tariff exemption quota (annual 2.63 million tons) that South Korea had negotiated with the U.S. in 2018 will also be abolished. As a result, damage to the domestic steel industry is inevitable. According to the steel industry and the Korea International Trade Association, the U.S. accounted for about 13% of South Korea’s total steel export value last year.

This content was produced with the assistance of AI translation services.