US Imposes 25% Steel and Aluminum Tariffs, Cancels South Korea's Duty-Free Quota

[US 25% Steel and Aluminum Tariffs Take Effect, South Korea's Duty-Free Quota Canceled]

The US measure to impose a 25% tariff on imported steel and aluminum officially took effect on the 12th. As a result, South Korea's duty-free quota for steel exports to the US (2.63 million mt annually) was canceled. According to the executive order signed by US President Trump on the 10th of last month, the US began imposing a 25% tariff on imported steel and aluminum starting at 12:01 AM Eastern Time on the 12th, while generally eliminating all previously agreed-upon exceptions and tariff exemption measures with other countries. Under the agreement reached between South Korea and the US in 2018, South Korea had been allowed a duty-free quota of 2.63 million mt of steel exports to the US annually, but this arrangement was also canceled this time.