A tariff-free quota on South Korean steel is set for elimination Wednesday, when global tariffs of 25 percent take effect for all steel and aluminum imported into the United States.
White House spokesman Kush Desai confirmed in a statement on Tuesday that the tariffs will come into effect as planned, with no exemptions for any U.S. trading partners.
The move effectively nullifies the tariff quota deal that the U.S. and South Korea signed in 2018, under which no tariffs are charged on steel from South Korea up to a maximum of around two-point-six million tons.
U.S. President Donald Trump imposed a 25 percent tariff on steel imports and a ten percent tariff on aluminum imports in 2018 during his first term but later granted some exemptions, including exemptions for Mexico and Canada.
According to data from the U.S. International Trade Administration, South Korea was the fourth-largest exporter of steel to the U.S. last year, accounting for some 13 percent of the country’s steel imports.