Reuters reported that US has no immediate plans to negotiate its import quota on South Korean steel products. Reuters quoted US Commerce Secretary Ms Gina Raimondo as saying that renegotiation of the deal signed in the previous administration is not a high priority for the US now as South Korea is already in a better position than many others in terms of steel and aluminum exports to the US.South Korea has been calling for a re-negotiation, as US President Mr Joe Biden has removed the tariffs on steel imports from Japan, EU & UK. South Korean government is demanding a flexible quota instead of an increase in quota.The former Trump administration imposed a 25% tariff on steel imports in 2018. This led to a drop in Korea's shipment of steel to the US to 2 million tonnes a year from an average of over 3.8 million tonnes in 2015-2017. At present, South Korean steelmakers’ tariff-free exports to the United States are limited to 2.63 million tonnes, which is 70% of the average of their 2015, 2016 and 2017 exports.
Reuters reported that US has no immediate plans to negotiate its import quota on South Korean steel products. Reuters quoted US Commerce Secretary Ms Gina Raimondo as saying that renegotiation of the deal signed in the previous administration is not a high priority for the US now as South Korea is already in a better position than many others in terms of steel and aluminum exports to the US.South Korea has been calling for a re-negotiation, as US President Mr Joe Biden has removed the tariffs on steel imports from Japan, EU & UK. South Korean government is demanding a flexible quota instead of an increase in quota.The former Trump administration imposed a 25% tariff on steel imports in 2018. This led to a drop in Korea's shipment of steel to the US to 2 million tonnes a year from an average of over 3.8 million tonnes in 2015-2017. At present, South Korean steelmakers’ tariff-free exports to the United States are limited to 2.63 million tonnes, which is 70% of the average of their 2015, 2016 and 2017 exports.
