South Korea’s Industry Ministry today said that it is closely communicating with local businesses and industry leaders to devise ways to minimise the impact of new US tariffs on steel and aluminium imports that will inevitably affect local manufacturers and exporters. Media reports said the country’s Ministry of Trade, Industry, and Energy held an emergency meeting with officials from the Korean steel industry to assess the possible impact the US tariffs may have on local businesses.

In the emergency meeting, the Industry Ministry said it would closely communicate with the US government to protect the interests of the South Korean steel and aluminium industries and devise measures to minimise the impact. The announcement sparked concerns that South Korean companies could be directly influenced by the anticipated US tariffs.

Earlier in the day, US President Donald Trump signed proclamations to impose 25 percent tariffs on all steel and aluminium products coming into the United States starting on the 12th of March.