[2025 National Audit] Koo Yoon-cheol: "U.S. Steel Tariff Remains at 50%... Additional Measures to Be Prepared"

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol stated on October 30 that additional measures will be prepared in response to the U.S. steel tariff rate remaining at 50%.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol is responding to lawmakers' questions at the National Assembly's Planning and Finance Committee audit on October 14, 2025. Photo by Kim Hyun-min

At the comprehensive audit of the National Assembly's Planning and Finance Committee held that day, Deputy Prime Minister Koo said, "The current steel tariff rate is set at 50%, and there is no progress in adjusting the tariff rate with the United States," adding that further measures will be taken. The previous day, South Korea and the United States agreed on the method of U.S.-bound investments worth 350 billion dollars and concluded their tariff negotiations. The mutual tariff rate will remain at 15%, as agreed in July. The 25% tariff on automobiles will be reduced to 15%. However, the existing 50% tariff rate on steel will be maintained.

In response to questions from Assemblyman Cho Seungrae of the Democratic Party of Korea, Deputy Prime Minister Koo said, "We have already prepared measures for industries facing difficulties, such as steel and aluminum," and added, "We will continue to prepare additional measures in the future."

He stated, "The recent negotiations are expected to provide some relief for the automobile and auto parts sectors," but also noted, "Since there are still challenges across the industry, the government will implement comprehensive support policies to ensure that the burden on small and medium-sized enterprises does not increase."

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