South Korea's Industry Ministry said on Monday it held an emergency meeting with steelmakers in Seoul to discuss measures to minimize the impact of potential US tariffs.
US President Donald Trump said on Sunday he will announce new 25% tariffs on all steel and aluminum imports into the US on Monday, in another major escalation of his trade policy overhaul.
The ministry said it was trying to learn the details of the potential tariffs and would work closely with steelmakers to actively respond to the potential tariffs.
Korean steelmakers supply steel to the factories of car makers Hyundai Motor, Kia Motors as well as television and home appliance companies like Samsung Electronics and LG Electronics in Mexico and the United States, industry officials said.