South Korea's exemption from US' Section 232 tariffs to start May 1

The United States and South Korea have agreed on terms for a country exemption from the US' Section 232 steel tariffs that is to take effect on May 1, the United States Trade Representative said in a statement on Wednesday March 28.

Instead of a tariff, South Korea will be assigned an annual US steel import quota of 2.68 million tons, which is approximately 70% of South Korea’s annual export volume to the US between 2015 and 2017. South Korea exported 3.62 million tonnes of steel to the US in 2017, of which about 1.06 million tonnes was comprised of oil...

Published

Millicent Dent

March 28, 2018

21:58 GMT

New York