SEOUL, Nov. 21 (UPI) -- Industry leaders in the South Korea have welcomed a trade deal with the United States, which a joint fact sheet indicated that Washington will lower tariffs on South Korean exports from 25% to 15% in return for Seoul's pledge to invest $350 billion in the world's largest economy.
But, South Korea's steel manufacturers, including business bellwether POSCO and second-largest player Hyundai Steel, did not receive relief, as the deal excludes the steel sector.
Early this year, the United States imposed 25% tariffs on hundreds of steel products shipped from South Korea. In June, the rate was doubled to 50%, which is to remain in place next year unless President Donald Trump changes his mind.
South Korea's steel exports to the United States amounted to $2.79 billion during the first nine months of this year, down 16% from a year ago, the Korea International Trade Association reported. Tariffs plays a role in the decrease.
Rep. Park Soo-young, from the main opposition People Power Party, cited data from POSCO and Hyundai Steel to estimate that the two companies will have paid a combined $281 million in tariffs to the United States between March and December.
