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South Korea obtains steel export quota around 2.6 million tons-2018 China(Guangzhou)Int’l Metal &Metallurgy Exhibit
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5/7/2018 金屬展-冶金展-鋼鐵展-steel expo-metal &metallurgy expo |
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According to the statement from South Korean government and steel industry, the US had canceled the Section 232 action to the South Korean steel and aluminum products because of the uncertainty was eliminated.
The ministry of South Korean trade negotiations announced that the US decided to exempt 25% tariffs on South Korean steel product based on the results of steel tariffs negotiation and U.S.-Korea Free Trade Agreement (KORUS).
South Korean would be exempted tariffs from the steel products continuously by the US due to the agreement on decreasing overcapacity steel and the quota restriction from South Korea, White House expressed.
South Korean would obtain around 2.6 million tons of steel export quota, and be exempted from the US'' high tariffs. According to the data from South Korean trade industry, the steel exports to the US had reached to 34.6%.
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