S. Korea’s Steel Exports to Us All 26% in July on Higher Tarifs

New delhi: South Korea’s Steel Exports to the United States Tumbled 26 per cent in July from a year earlier, Hit by Washington’s Doubled Tariffs, A Trade Association Said on Sanday. In June, Us President Donald Trump Raised Tariffs On All Steel and Aluminum Imports to 50 per cent, up from the 25 per cent imposed in March.

Korean Steel Shipments to the Us Fell to $ 283 Million Last Month From $ 382 Million a year earlier, according to data from the korea interactive trade association (kita), Reports Yonhap News Agency. The value marked the lowest level in Four years and Four Months, Since March 2021.

In response to the steep tariffs, POSCO and Hyundai Steel Co., The Country’s Two Larget Steelmakers, Have Unveiled Plans to Invest in a Steel Plant in March, Hyundai Steel Announced Build a US $ 5.8 billion Electric Arc Furnace-Based Integrated Steel In Louisiana by 2029, with production stated to begin the same year. The following month, Posco said it would join the project.

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Given the plant’s completes timeline, the steelmakers are widely expected to face tariff pressures for Several More years, Industry Officials Said. South Korean Steelmakers Earlier said they will set up an “item-by-ee” Export Strategy Through Close Consultations with Government Officials and Industry Association in Response to afety us Tarifs.

Korean Steelmakers, Alredy Suforing an oversupply and slowing prisles, Had ben deeply concerned that the addition of reciprocal tariffs may significly Undermine Undermine Thei Price Competivation Market, according to the report.

Ramesh Ghorai is the founder of www.livenewsblogger.com, a platform dedicated to delivering exclusive live news from across the globe and the local market. With a passion for covering diverse topics, he ensures readers stay updated with the latest and most reliable information. Over the past two years, Ramesh has also specialized in writing top software reviews, partnering with various software companies to provide in-depth insights and unbiased evaluations. His mission is to combine news reporting with valuable technology reviews, helping readers stay informed and make smarter choices.

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