Over 100 Members of Parliament to Propose 'Steel Support Act' with 50% Tariff Bomb

[Financial News] Although the Korea-US tariff negotiations were abruptly concluded, the high tariff of 50% in the steel sector remains, which is expected to exacerbate the difficulties of domestic companies, and the National Assembly will propose a steel industry support law. Notably, over 100 members of parliament from both ruling and opposition parties will participate in the proposal.
According to the political circles on the 1st, Eo Gigu of the Democratic Party of Korea and Lee Sanghui of the People Power Party, who are co-representatives of the National Assembly Steel Forum, plan to jointly propose the 'K-Steel Act (Special Act for Strengthening Steel Industry Competitiveness and Transition to Green Steel Technology)' on the 4th to support the steel industry. Eo Gigu's office stated, "This bill is a bipartisan measure prepared by over 100 members of parliament who transcend factions and are concerned about the future of Korea's industry and economy."
The main contents of the K-Steel Act include △Establishment of a Special Committee for the Strengthening of Steel Industry Competitiveness △Designation of Green Steel Special Zones and granting of regulatory exceptions △Expansion of infrastructure and tax support △Development of green steel technology and support for business restructuring △Response to unfair trade and strengthening of import regulations.
Although the Korea-US tariff negotiations were concluded, the steel sector tariffs remain at 50%, raising concerns, prompting the National Assembly to support legislation.
Previously, in the Korea-US tariff negotiations concluded on July 31 (local time), the 50% tariff rates on steel, copper, and aluminum were maintained. Howard Lutnick, the U.S. Secretary of Commerce, stated in a post on his X (formerly Twitter) account after the conclusion of the Korea-US tariff negotiations that the tariffs set at 50% on steel, aluminum, and copper "were not included in the agreement and remain unchanged."
The steel industry, which has been subject to high tariffs for two months, is bewildered as the tariffs are confirmed to remain unchanged. The steel industry is anxious, stating that if the duty-free quota for exports to the U.S. is abolished, tariffs will soar from 0% to 50%, effectively blocking the export route to the U.S.
cjk@fnnews.com Choi Jonggeun Reporter