Photo : YONHAP News
A global 25 percent tariffs on all steel and aluminum imported into the United States is set to take effect on Wednesday. The tariffs imposed by U.S. President Donald Trump on February 10 will go into effect 12:01 a.m. Wednesday the U.S. Eastern Standard Time, or 1:01 p.m. Wednesday Korea time. Trump imposed a 25 percent tariff on steel and a ten percent tariff on aluminum imports in 2018 during his first term, but later granted some exemptions, including to Mexico and Canada. At the time, the U.S. waived the tariffs on South Korean steel products in return for a yearly import quota, but the quota system will be immediately abolished if the new tariffs take effect.
According to data from the U.S. International Trade Administration, South Korea was the fourth-largest exporter of steel to the U.S. last year, accounting for some 13 percent of Washington's steel imports.