U.S. President Donald Trump said that he will sign a measure next week imposing 25 percent tariffs on steel and ten percent tariffs on aluminum imports.
 
Trump made the announcement on Thursday in a meeting with U.S. steel and aluminum executives at the White House.

The president blamed foreign companies for dumping massive amounts of products in the U.S., which he said destroys American companies and jobs. 

He said that these tariffs will last for a "long period of time," asking the executives to work to revive the domestic steel and aluminum industries.

The announcement, if finalized, will come as a relief to South Korea as the U.S. Department of Commerce had recommended tariffs of 53 percent on 12 countries, including South Korea, as one of three potential options.

South Korea is the third-largest steel exporter to the U.S. after Canada and Brazil.