The Korea Institute for International Economic Policy (KIEP) said on May 15 that the United States’ and China’s additional 25 percent tariffs are likely to result in a decline of US$1.36 billion in South Korea’s exports to the United States and China and that the value may increase depending on glob
Korea International Trade Association Chairman Kim Young-ju met with U.S. Commerce Secretary Wilbur Ross in Washington, D.C. on May 14 (local time) and asked him to exclude South Korea from imposition of tariffs on cars. U.S. President Donald Trump makes a decision on the issue on May 18.“When it co
After the United States decided to raise tariffs on US$200 billion (237.50 trillion won) worth of Chinese imports from 10 percent to 25 percent, China has moved to retaliate against the United States, announcing plans on May 13 (local time) to increase tariffs on American goods worth US$60 billion (
With the U.S.-China trade disputes showing signs of lingering, the Ministry of Economy and Finance said on May 13 that it would take measures for financial market stabilization and volatility reduction if necessary. The Bank of Korea also said that it would closely monitor the market situations.Stil
The Donald Trump administration raised tariffs on Chinese goods worth US$200 billion from 10 percent to 25 percent on May 10 (local time) and the measure is likely to lead to a decline of US$870 million in South Korea’s exports. Semiconductors, steel products and chemical products exported from Sout
The South Korean government is planning on implementing a suspension of concession in response to the European Unions’ steel safeguard. The suspension can be defined as tariff re-imposition or imposition of a higher tariff.The Ministry of Trade, Industry and Energy sent a written notification to the
The Ministry of Commerce of China made a preliminary determination on March 22 that some stainless steel products imported from South Korea, Indonesia, Japan and the European Union have been dumped.The products in question include stainless steel ingots and hot-rolled products. Claiming that the pro
The labor and management of Renault Samsung Motors failed to reach a collective bargaining agreement until March 8, a deadline set by the company’s parent, Renault Group of France. Therefore, Renault Samsung Motors is highly likely to be excluded from the group's distribution of global productio
Hyundai Mobis recently moved a production line at its factory in Tianjin, China, to Korea. The line produces parts for electronic devices for exporting to the United States. The move was made based on a strategic decision to avoid the U.S. government's high tariffs on products manufactured at fa
The South Korean government has begun to respond to the U.S. Commerce Department’s report for tariff imposition on automobiles and auto parts exported to the United States. The Commerce Department submitted the report to President Donald Trump on Feb. 17 in accordance with Section 232 of the Trade E
A number of South Korean companies are claiming that the minimum wage in the country, which has jumped approximately 30 percent in two years, is significantly affecting their supply chains with their operating profits already on the decline. “Although it is right to raise the minimum wage, side effe
The Korea Economic Research Institute said that South Korea's auto trade balance will be reduced by up to US$9.8 billion if the United States imposes 25 percent tariffs on imported cars and auto parts based on Section 232 of the Trade Expansion Act of 1962. The institute said that 25 percent U.S
The U.S. Court of International Trade (USCIT) put the brakes on the Particular Market Situation (PMS), which is a method the U.S. Department of Commerce has used in imposing high tariffs on South Korean steel. South Korean steel companies are anticipating that the court’s recent decision will help t
After the British parliament overwhelmingly rejected Prime Minister Theresa May’s Brexit deal on Jan. 15 (local time), the United Kingdom is poised for a “no-deal” Brexit on March 29. Accordingly, the South Korean government has decided to accelerate the conclusion of a free trade agreement (FTA) wi
As the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a new 11-country Asia-Pacific trade agreement, took effect on Dec. 30, there is a growing public outcry that South Korea also needs to take part in the new agreement as soon as possible and accelerate signing free trade agreemen
U.S. President Donald Trump and Chinese President Xi Jinping agreed on Dec. 1 to temporarily stop their trade war for 90 days.Earlier, the U.S. president said that tariffs on Chinese products worth US$200 billion in total would be raised from 10% to 25% from Jan. 1, 2019. China, which imposed retali
Samsung SDI will expand its electric vehicle battery pack factory near Detroit, the United States by investing US$62.7 million. The move is intended to meet a spike in electric car battery orders from U.S. automakers.According to industry sources on Nov. 29, Samsung SDI's U.S. subsidiary will ex
SK Innovation Co., one of South Korea's three major lithium-ion battery producers, will build an electric vehicle (EV) battery production base in the United States.The company said its board approved on Nov. 26 a plan to spend 1.14 trillion won (US$1.01 billion) to build an EV battery plant in t
Korean exporters are groaning under mounting U.S. trade protectionism. According to industry sources, President Donald Trump is likely to put pressure on the Korean semiconductor industry, as well as the automobile industry, by imposing excessive tariffs based on Section 232 of the Trade Expansion A
The waves of trade war between the United States and China are hitting the South Korean petrochemical industry. With an escalation of trade tensions between the two countries, the price of ethylene fell below US$1,000 (1.14 million won) per ton for the first time in a year and three months and that