U.S. proposal would slap 53% tariff on Korean steel, but not other U.S. allies
- 6 years ago
The U.S. Department of Commerce is urging the Trump administration to impose heavy tariffs on foreign producers of steel and aluminum... in the name of national security -- though America may end up targeting its close ally, South Korea.
In the report issued Friday, the Commerce Department said one of the options being considered... is a tariff of 53 percent... on steel from 12 countries.
Those 12 include China and Brazil... and Korea, but not other traditional U.S. allies like Germany, Japan or Canada, even though Canada is the number-one exporter of steel to the U.S.
An official at South Korea's trade ministry said what the list is actually targeting... is countries that import Chinese steel... and thereby support China's cheap steel exports.
Ultimately, President Trump will decide on what course to take -- the alternative proposed to the list of 12 countries... being a global tariff of 24 percent.
In the report issued Friday, the Commerce Department said one of the options being considered... is a tariff of 53 percent... on steel from 12 countries.
Those 12 include China and Brazil... and Korea, but not other traditional U.S. allies like Germany, Japan or Canada, even though Canada is the number-one exporter of steel to the U.S.
An official at South Korea's trade ministry said what the list is actually targeting... is countries that import Chinese steel... and thereby support China's cheap steel exports.
Ultimately, President Trump will decide on what course to take -- the alternative proposed to the list of 12 countries... being a global tariff of 24 percent.