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Minister of Trade, Industry and Energy Moon Sung-wook, right, poses with U.S. Commerce Secretary Gina Raimondo, during their meeting at the latter's office in Washington, D.C. in this November 2021 file photo. Courtesy of Ministry of Trade, Industry and Energy

UK, EU, Japanese rivals enhance price competitiveness

By Park Jae-hyuk

Korean steelmakers are facing growing concerns that they are lagging behind their British, Japanese and European rivals in the U.S. market as Seoul repeatedly fails to convince Washington to lower its trade barriers, according to industry watchers Thursday.

Under the presidency of Joe Biden, the U.S. reached agreements with the U.K., Japan and the EU to abolish the former Donald Trump administration's Section 232 tariffs on their steel and aluminum products and introduce a tariff-rate quota (TRQ) which allows a lower tariff rate on imports within a specified quantity, while requiring a higher tariff rate on imports exceeding that quantity.

When Trump had imposed the Section 232 tariffs to protect the American steel industry, Korea was able to avoid excessively high tariffs as it accepted a quota that limits its steel exports to 70 percent of the average between 2015 and 2017. As a result, Korea's annual steel exports to the U.S. dropped to 2 million tons from 3.83 million tons.

US not looking to renegotiate Trump-era steel quotas with Korea, says Raimondo

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