President Trump signs proclamation allowing targeted relief on steel, aluminum quota
Arirang News
2018-08-30
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트럼프, 한국 철강 쿼터 면제명령 서명
When President Trump announced he would be imposing tariffs and quotas on steel and aluminium imports earlier in the year, it sent shockwaves around the world. South Korea reacted quickly, and became the first nation to be granted an exemption from the tariffs, although with limits. However, those quotas have now been lifted as well. Good news for Korean steelmakers, but why now, and what does it suggest about Trump's other protectionist measures? We'll break it down with our expert guest, right after this report by our business correspondent, Kim Hyesung.
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.
When President Trump announced he would be imposing tariffs and quotas on steel and aluminium imports earlier in the year, it sent shockwaves around the world. South Korea reacted quickly, and became the first nation to be granted an exemption from the tariffs, although with limits. However, those quotas have now been lifted as well. Good news for Korean steelmakers, but why now, and what does it suggest about Trump's other protectionist measures? We'll break it down with our expert guest, right after this report by our business correspondent, Kim Hyesung.
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.
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