Korea Times reported that a group of South Korean steelmakers and trade association member companies plan to meet with US counterparts and policymakers later this month to urge the world's largest economy to lower trade barriers for made-in-Korea steel products. Accelerating the plan is a collective concern that Korean steel exporters are increasingly sidelined by their global competitors, as indicated by the US showing no immediate signs of lifting its import quota. A steel industry official said "We plan to meet with officials of the US Commerce Department, US Trade Representative and US Steel Association. The visit will be mostly about changing the perception that Korea is a threat to the U.S steel industry, a goal equally important as identifying a growth opportunity that benefits both countries. The carbon neutrality initiative and steelmakers' role in it will be among other key areas of joint cooperation. We can address pending issues and concerns and find ways to turn this into a growth opportunity, backed by joint research projects." US Commerce Secretary Ms Gina Raimondo said in an interview with Reuters on March 24 that no plans are in store for a renegotiation of the quota agreement with Korea. She had said "They kind of struck their own deal in the last administration, with a quota arrangement, so renegotiating is not a high priority for us now.” Under Section 232 of the Trade Expansion Act agreed in 2018 during the Trump administration, Korea's tariff-free steel exports to the US are limited to 70 percent of the three-year average between 2015 and 2017. Japan and the European Union were subject to a high tariff of 25 percent despite no cap on export volume. US eliminated tariffs on steel and aluminum imports from Japan, Britain and European Union countries. Korea's steel exports to the US decreased subsequently to 2.69 million tonnes in 2021 or 70% of the three-year average of 3.83 million tonnes.
Korea Times reported that a group of South Korean steelmakers and trade association member companies plan to meet with US counterparts and policymakers later this month to urge the world's largest economy to lower trade barriers for made-in-Korea steel products. Accelerating the plan is a collective concern that Korean steel exporters are increasingly sidelined by their global competitors, as indicated by the US showing no immediate signs of lifting its import quota. A steel industry official said "We plan to meet with officials of the US Commerce Department, US Trade Representative and US Steel Association. The visit will be mostly about changing the perception that Korea is a threat to the U.S steel industry, a goal equally important as identifying a growth opportunity that benefits both countries. The carbon neutrality initiative and steelmakers' role in it will be among other key areas of joint cooperation. We can address pending issues and concerns and find ways to turn this into a growth opportunity, backed by joint research projects." US Commerce Secretary Ms Gina Raimondo said in an interview with Reuters on March 24 that no plans are in store for a renegotiation of the quota agreement with Korea. She had said "They kind of struck their own deal in the last administration, with a quota arrangement, so renegotiating is not a high priority for us now.” Under Section 232 of the Trade Expansion Act agreed in 2018 during the Trump administration, Korea's tariff-free steel exports to the US are limited to 70 percent of the three-year average between 2015 and 2017. Japan and the European Union were subject to a high tariff of 25 percent despite no cap on export volume. US eliminated tariffs on steel and aluminum imports from Japan, Britain and European Union countries. Korea's steel exports to the US decreased subsequently to 2.69 million tonnes in 2021 or 70% of the three-year average of 3.83 million tonnes.
