Cheong Wa Dae to closely monitor impact of new U.S. tariffs on finished steel products

Cheong Wa Dae stated that it will assess the impact on domestic industries after the Donald Trump administration introduced a new tariff regime on home appliances and other products with high steel, aluminum, and copper content, The Financial News reported.
In a press notice on the 3rd, Cheong Wa Dae explained, "The government is closely monitoring related developments, and will promptly inform the industry and review the potential impact."
Earlier, the Trump administration announced that it would impose a flat 25% tariff, based on product prices, on derivative products with high steel, aluminum, and copper content. President Donald Trump signed a proclamation on steel tariff adjustments reflecting these measures the same day.
Previously, tariffs of up to 50% were levied in proportion to the share of steel and other metals contained in a product. Going forward, the system will be simplified by applying a uniform 25% tariff on the price of derivative finished products. As a result, Korean companies exporting home appliances such as washing machines and refrigerators could be affected.
The revised tariff measures will take effect at 12:01 a.m. on the 6th, Eastern Time (ET).
cjk@fnnews.com Choi Jong-geun Reporter