00:00Shares in South Korean and Vietnamese steelmakers, who are major exporters of metal to the U.S.,
00:06tumbled today. This follows U.S. President Donald Trump's announcement last Friday
00:10to double tariffs on imported steel and aluminium to 50 percent.
00:17The new steel and aluminium levies, which will take effect on June 4,
00:21would cause significant disruption from major exporters to the U.S., according to industry
00:26experts. South Korea's industry ministry said on Monday it would respond to the 50 percent tariff
00:32on steel products as part of its trade discussions with Washington in order to minimize the impact on
00:38the industry. South Korea was the fourth biggest exporter of steel to the U.S. last year, behind
00:44Canada, Mexico and Brazil, according to American Iron and Steel Institute data. Meanwhile, in Vietnam,
00:51major steelmakers' shares also recorded drops. Government data showed that Vietnam's steel
00:57exports to the U.S. dropped 27 percent in the first four months of this year. Steel and aluminium
01:03tariffs were among the first measures Trump re-imposed after returning to office in January,
01:09with 25 percent duties on most imports taking effect on March 12. Industry officials say the
01:15higher costs are already affecting sectors such as home appliances, automotives and construction.
01:21The new levies are expected to escalate trade tensions after Trump accused China of breaching
01:27a deal with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals.
Comments