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U.S. Steel and Aluminum Tariffs Threaten to Hurt South Korea's Steel Exports to U.S.
Release time:
2025-07-11
The U.S. raised tariffs on steel and aluminum to a maximum of 50 percent in early June, a measure that could lead to a reduction of up to 36 percent in Korea's steel exports to the U.S., and a worst-case scenario of a 17.1 percent reduction in automobile exports, the largest export category to the U.S., according to a report released by the National Assembly's Budget and Policy Office on June 24th.
Based on export data from the Korea Trade Association, information on the size of the economy from the International Monetary Fund, and information on U.S. tariffs, the report analyzed the potential impact on South Korean exports of the U.S. tariffs on steel, aluminum, and automobiles and their parts, respectively. Exports would be reduced by 36% if the tariff on steel is maintained at 50%, and by 9% if the original 25% is maintained. Aluminum is expected to decrease by 9% under the 25% tariff, while it will decrease by 23.9% under the 50% tariff.
In the case of automobiles, if the current tariffs are maintained, exports will be reduced by 9.5%, while parts and components will be reduced by 0.7%; if the tariffs are raised to 30%, the reduction in automobile exports will be 17.1%, while parts and components will be 1.4%. Given the increasing share of automobiles and parts in Korea's exports to the United States (27.2 per cent and 6.4 per cent, respectively), the report suggests increasing the high-value-added nature of exports and reducing price sensitivity to cope with the uncertain tariff environment.
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