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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL/WASHINGTON, June 4 — The United States will partially lower tariffs on certain steel and aluminum derivative products for allied countries, including South Korea, Japan and the European Union, starting June 8.
According to South Korea’s Ministry of Trade, Industry and Energy, the tariff relief is expected to cover exports to the U.S. worth about $2.3 billion.
The measure follows a proclamation issued by the Trump administration revising Section 232 tariffs on steel, aluminum and copper derivative products. The changes will remain in effect through Dec. 31 next year.
Under the revision, tariffs on certain industrial equipment such as forklifts, bulldozers and tractors imported from partner countries will be reduced from 25% to 15%. Tariffs on agricultural and HVAC equipment will also be standardized at 15%, regardless of origin.
Meanwhile, the threshold for U.S.-origin steel content required for lower tariffs has been eased to 85% from 95%. However, some products, including aluminum printing plates and steel shelving, have been newly added to the tariff list and will face a 25% duty.
The move is widely seen as aimed at securing political support from key constituencies, including farmers, ahead of upcoming U.S. midterm elections.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065542027630029
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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