This file photo shows a port in the southeastern city of Busan on April 30, 2025. (Image courtesy of Yonhap)
SEJONG, Aug. 1 (Korea Bizwire) — The Seoul government held an emergency meeting Friday to devise response measures to the United States’ new 50 percent tariffs on imported copper, the industry ministry said.
The Ministry of Trade, Industry and Energy met with officials from Korean companies that export copper-related products, including LS Metal and Poongsan Corp., to assess the impact of the fresh U.S. tariff measure, which took effect earlier in the day.
Starting Friday, the Donald Trump administration levied 50 percent duties on imports of semi-finished copper products, such as copper pipes, wires, rods, sheets and tubes, as well as copper-intensive derivative products, such as pipe fittings, cables, connectors and electrical components.
To help minimize the impact of the tariffs, the Korean government submitted an official opinion reflecting the domestic industry’s concerns over copper tariffs to the U.S. in April and devised measures to help Korean copper companies maintain their competitiveness, according to the ministry.
The ministry said it plans to come up with additional support measures for the local companies and help them diversify their export destinations.
South Korea struck a trade deal with the U.S. earlier this week, under which Washington lowered the reciprocal tariff rate for Seoul to 15 percent from the proposed 25 percent, but the 50 percent copper tariffs were kept in place.
(Yonhap)
