On Tuesday, the South Korean industry ministry convened with representatives from major steel companies, such as POSCO Holdings Inc. and Hyundai Steel Co., to discuss the effects of Mexico’s recent rise in steel import tariffs. The tariffs, which have been raised from 10 percent to 25 percent, are due to remain in effect until July 2025.
Although the majority of steel products exported to Mexico are exempt from the tariffs, the companies still anticipate some impact. In terms of both volume and value, 7.8 percent and 8.3 percent of South Korea’s total steel exports are sent to Mexico, respectively. Therefore, Foreign Minister Park Jin is taking steps to establish government-to-government talks with Mexico in order to reduce any potential harm to South Korean steel firms.
This file photo taken on May 10, 2023, shows Foreign Minister Park Jin (L) visiting a POSCO factory in Mexico. (Yonhap)
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