【SMM Steel】$2.3bn in South Korean exports benefit from US tariff relief

Published: Jun 8, 2026 18:13

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【SMM Steel】A new US proclamation effective June 8 lowers Section 232 tariffs on certain steel aluminum and copper derivatives through December 31 2027. Mobile industrial equipment like forklifts bulldozers and tractors from allied partners including South Korea Japan Taiwan and the EU will see tariffs reduced from 25% to 15%. Agricultural and HVAC equipment now face a uniform 15% rate. The threshold for qualifying for lower 10% tariffs has been eased from 95% to 85% US-origin metal content. Steel racks and aluminum lithographic plates are newly subject to 25% duties. South Korea's trade ministry estimates the relief covers about 2.3 billion USD in exports.

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