U.S. to allow 'targeted relief' from steel, aluminum quotas
- 6 years ago
When the United States revealed its plans to slap tariffs and quotas on steel and aluminum imports, South Korea quickly took steps, and became the first country to be granted an exemption from tariffs.
And now, even some quotas are being lifted.
Kim Hyesung reports.
President Trump has signed proclamations allowing targeted relief from steel quotas for some countries, including South Korea.
The U.S. Commerce Department said Wednesday, local time, that President Trump, who in March put in place tariffs of 25 percent on steel and 10 percent on aluminum, signed proclamations permitting relief from the quotas on steel for Korea and Brazil, and on both steel and aluminum for Argentina.
The statement added that companies can apply for exclusions for products when there is insufficient quantity or quality available from American producers,... and that if an exclusion is granted then no tariff would be owed.
Korean steelmakers, represented by the vice chairman of the Korea Iron & Steel Asssociation, Lee Min-cheol, welcomed the news, saying this means Korea, the third-largest steel exporter to the U.S., can ship more than the quota Seoul and Washington had agreed upon.
In March, Korea was given a quota of about 2-point-6-8 million tons of steel, or 70 percent of the annual average it shipped to the U.S. between 2015 and 2017, in exchange for an exemption on steel tariffs.
The quota took effect in May.
"The Trump Administration likely made this move because U.S. steelmakers are slowly feeling the pain of rising steel import costs. So it's granted this 'targeted relief' to some of its allies... on steel products that America cannot produce or otherwise really needs."
The announcement from the U.S. Commerce Deparment follows prolonged negotiations between Korean government officials and local steelmakers and their U.S. counterparts about allowing exemptions for some Korean steel products.
Which specific products, though, still has to be negotiated.
Kim Hyesung, Arirang News.
And now, even some quotas are being lifted.
Kim Hyesung reports.
President Trump has signed proclamations allowing targeted relief from steel quotas for some countries, including South Korea.
The U.S. Commerce Department said Wednesday, local time, that President Trump, who in March put in place tariffs of 25 percent on steel and 10 percent on aluminum, signed proclamations permitting relief from the quotas on steel for Korea and Brazil, and on both steel and aluminum for Argentina.
The statement added that companies can apply for exclusions for products when there is insufficient quantity or quality available from American producers,... and that if an exclusion is granted then no tariff would be owed.
Korean steelmakers, represented by the vice chairman of the Korea Iron & Steel Asssociation, Lee Min-cheol, welcomed the news, saying this means Korea, the third-largest steel exporter to the U.S., can ship more than the quota Seoul and Washington had agreed upon.
In March, Korea was given a quota of about 2-point-6-8 million tons of steel, or 70 percent of the annual average it shipped to the U.S. between 2015 and 2017, in exchange for an exemption on steel tariffs.
The quota took effect in May.
"The Trump Administration likely made this move because U.S. steelmakers are slowly feeling the pain of rising steel import costs. So it's granted this 'targeted relief' to some of its allies... on steel products that America cannot produce or otherwise really needs."
The announcement from the U.S. Commerce Deparment follows prolonged negotiations between Korean government officials and local steelmakers and their U.S. counterparts about allowing exemptions for some Korean steel products.
Which specific products, though, still has to be negotiated.
Kim Hyesung, Arirang News.