South Korea to minimise impact of 50% tariff on steel products, ministry says

South Korea's Response to U.S. Tariffs: South Korea's Industry Ministry is preparing to address the impending 50% U.S. tariff on steel products, which could significantly impact its steel exporters, as the country is the fourth-largest steel supplier to the U.S.

Impact on Steel Industry: The proposed tariffs have already caused a decline in shares of major South Korean steelmakers and are expected to burden exporting companies unless U.S. steel prices increase further; however, South Korea's steel shipments to the U.S. rose by 12% in April compared to the previous year.