Wednesday, June 20, 2018
Korean Steel Industry Given a Little Bit of Room to Breathe
US Holding High Tariffs
Korean Steel Industry Given a Little Bit of Room to Breathe
  • By Jung Min-hee
  • July 26, 2017, 12:00
Share articles

The Donald Trump administration is seemingly suspending plans to impose high tariffs on steel imports from China, South Korea, the European Union and India among others.
The Donald Trump administration is seemingly suspending plans to impose high tariffs on steel imports from China, South Korea, the European Union and India among others.

 

The Donald Trump administration is seemingly suspending plans to impose high tariffs on steel imports from China, South Korea, the European Union, India and other parts of the world due to a glut of steel from China among others for the time being.

President Trump said in an interview with the Wall Street Journal on July 25 (local time) that it would take some time to make a decision on tariffs on steel including anti-dumping duties. "I do not want to deal with the problem (tariffs on steel) at this point."

"Steel dumping is a very unfair situation and we will deal with it," President Trump said, "But it will be a long-awaited decision."

"We are waiting for the final decision on tariffs on steel until the finalization of priorities such as health care reform legislation, tax reforms and infrastructure investment," he added.

“The North American Free Trade Agreement (NAFTA) is in the process of a renegotiation. We may have to break the treaty," President Trump said about the NAFTA. "Or we may save the agreement," he said, putting many options on the table. The renegotiation of the NAFTA is scheduled to start on August 16.