South Korea opposes US tariff on its steel products

The main reason for this decision is concerns about US $ 818 million worth of exports. Officials in the country say the US is accused of setting much higher market prices than any other foreign steel importer.

At a meeting held in Seoul, the South Korean Minister of Commerce announced that the country is going to apply countermeasures based on legal standards, as well as discuss the current situation in the metal market with representatives of the local industry.
They are currently considering two options, the first is to go to a US court, and the second is to take action within the World Trade Organization (WTO) to negate US penalties.

In Seoul, the trade representative spoke out harshly against the US steel corps, calling for harsh revenge on the US, but despite this, the South Korean government decided to take control of the issue and settle it legally.

The government has so far been conducting research on how the tariff increase will affect South Korean steel firms, which cover nearly a quarter of US steel needs. According to official data, in 2013 South Korea exported about 894,300 tons of steel products to the United States.

In July, the US Department of Commerce passed a 16 percent tariff on South Korean steel products, accusing it of harming US producers by setting illegal prices. The tariff has been approved by the International Trade Commission and US Federal authorities.