U.S. Expands Tariffs on Steel and Aluminum Products

Following the U.S. government's announcement on Aug. 15 to significantly expand the list of steel and aluminum products subject to tariffs, the South Korean government has pledged to enhance support measures for domestic exporters.

Impact on South Korean Exporters

The Ministry of Trade, Industry and Energy (MOTIE) revealed that despite objections, the U.S. Department of Commerce has designated most goods as subject to derivative tariffs, affecting over 1,000 products. This move imposes a significantly higher tariff burden, effective from Aug. 18.

New Categories Affected

The expanded list includes steel and aluminum structures, chemical materials, household goods, and more, impacting key South Korean exports like turbines and HVAC systems. Even simple household items are not spared.

Government's Response

To mitigate losses, the South Korean government plans to expand support for SMEs and mid-sized firms, including consulting services for verifying steel and aluminum content, aiming to reduce the financial strain on exporters.