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Minister Pushes for US Steel Tariff Revision Review with Commerce Secretary

Written: 2021-12-22 13:45:34Updated: 2021-12-22 14:44:34

Minister Pushes for US Steel Tariff Revision Review with Commerce Secretary

Photo : YONHAP News

Seoul has reiterated a proposal to start talks with the United States on revising steel tariffs imposed by the previous Donald Trump administration.

Minister of Trade, Industry and Energy Moon Sung-wook on Wednesday made the call to revise Section 232 of the Trade Expansion Act in a phone conversation with U.S. Secretary of Commerce Gina Raimondo.

This comes about a month after Minister for Trade Yeo Han-koo made a similar request to U.S. Trade Representative Katherine Tai during the allies' free trade agreement(FTA) joint committee meeting.

In 2018, the U.S. enforced import tariffs of 25 percent on European steel products, while waiving them for South Korean products under an annual import quota of two-point-63 million tons, or 70 percent of Seoul's average export volume.

Seoul has pushed for the two sides to revise the terms after Washington recently proposed more favorable tariff systems for European and Japanese steel products.

Moon and Raimondo also exchanged views on their recently launched dialogue platform on cooperation in the semiconductor sector, and the U.S.-announced Indo-Pacific Economic Framework in October.

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