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Gov’t Moves to Shield Steel Industry from U.S. Tariffs and Chinese Dumping

Gov’t Moves to Shield Steel Industry from U.S. Tariffs and Chinese Dumping

SEOUL, March 20 (Korea Bizwire) — The South Korean government has unveiled a comprehensive plan to protect its steel industry from mounting trade risks, including the recent 25% tariff imposed by the Trump administration in the United States and an influx of low-cost Chinese steel. The Ministry of Trade, Industry and Energy announced on Wednesday [...]

Hyundai Steel Shifts to Emergency Management Mode amid Tariff, Labor Woes

Hyundai Steel Shifts to Emergency Management Mode amid Tariff, Labor Woes

SEOUL, March 14 (Korea Bizwire) — Hyundai Steel Co. said Friday it has shifted to an emergency management mode in response to growing challenges, including the recent imposition of steel tariffs by the United States and an ongoing strife with unionized workers. The company announced that all executives have taken a 20 percent pay cut effective Thursday, [...]

Trump’s Metal Tariffs Broaden Trade War Globally, Affect S. Korea

Trump’s Metal Tariffs Broaden Trade War Globally, Affect S. Korea

WASHINGTON, March 12 (Korea Bizwire) — The Trump administration’s imposition of tariffs on steel and aluminum imports widened its trade war across the globe on Wednesday, affecting South Korea and other U.S. trading partners and sending policymakers striving harder to minimize the duties’ ramifications on their industries. Sweeping 25 percent tariffs on steel and aluminum [...]

U.S. Group Calls on Trump Gov’t to Seek Removal of S. Korea’s 30-month Age Restriction on U.S. Beef

U.S. Group Calls on Trump Gov’t to Seek Removal of S. Korea’s 30-month Age Restriction on U.S. Beef

WASHINGTON, March 11 (Korea Bizwire) — The U.S. nationwide cattlemen’s group asked the Trump administration Tuesday to help lift South Korea’s import ban on American beef from cattle aged 30 months or older, noting that similar curbs have been lifted in China, Japan and Taiwan. The National Cattlemen’s Beef Association (NCBA) sent its comments to [...]

Experts Raise Need to Stress S. Korea’s Contribution to U.S. Economy to Counter Trump’s View on Korea

Experts Raise Need to Stress S. Korea’s Contribution to U.S. Economy to Counter Trump’s View on Korea

WASHINGTON, March 6 (Korea Bizwire) — Experts underscored the need Thursday to crank up diplomacy to pitch South Korea’s contribution to the U.S. economy to counter President Donald Trump’s apparently negative perception of the Asian ally as a trading partner, though the absence of leader-to-leader engagement remains an onerous hurdle to that effort. They advised [...]

S. Korean Firms’ Mexican Operations Hit by Uncertainties from Unpredictability in Trump Tariffs

S. Korean Firms’ Mexican Operations Hit by Uncertainties from Unpredictability in Trump Tariffs

PESQUERIA, Mexico, March 6 (Korea Bizwire) — South Korean companies with manufacturing bases in Mexico, along with around 100 local partner firms, are struggling to deal with business uncertainties stemming from the unpredictability of U.S. President Donald Trump’s tariff policy on the neighboring country, industry officials said Thursday. Earlier in the day, Trump signed executive actions to [...]

Gov’t to Devise Response Measures to U.S. Auto Tariff Plan Next Month

Gov’t to Devise Response Measures to U.S. Auto Tariff Plan Next Month

SEOUL, March 7 (Korea Bizwire) — The government will come up with measures next month to respond to the United States’ plan to impose tariffs on auto imports, the industry ministry said Friday, as the new U.S. tariffs are expected to deal a severe blow to the South Korean automotive industry. The Ministry of Trade, [...]

Steelmakers Vow to Work with Gov’t to Respond to U.S. Tariffs

Steelmakers Vow to Work with Gov’t to Respond to U.S. Tariffs

SEOUL, March 7 (Korea Bizwire) — South Korean steel companies said Friday they will closely cooperate with the government and related agencies to minimize the impact of planned U.S. tariffs on all steel and aluminum imports from next week. U.S. President Donald Trump has announced a series of levies on some of his country’s trading [...]

Top S. Korean Security Official Expects ‘Good’ Outcome from Tariff Talks between Seoul, Washington

Top S. Korean Security Official Expects ‘Good’ Outcome from Tariff Talks between Seoul, Washington

WASHINGTON, March 5 (Korea Bizwire) – A top South Korean security official on Wednesday anticipated a “good” outcome from consultations between Seoul and Washington on tariff and other trade issues, highlighting the two countries’ desire for a “win-win” result. National Security Adviser Shin Won-sik made the remarks as he arrived in Washington for talks with [...]