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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Former U.S. President Donald Trump has announced plans to double tariffs on imported steel and aluminum from 25% to 50%, a move that could significantly impact global trade and especially South Korean steelmakers.
Speaking at a U.S. Steel plant in Pittsburgh, Pennsylvania on May 30 (local time), Trump declared, “This measure will make America’s steel industry stronger than ever.” He confirmed the tariff hike during his speech and reiterated the decision on his social media platform, Truth Social, stating that the new 50% tariffs on both steel and aluminum products will take effect on June 4.
The announcement comes not only as a protective move for domestic industry, but also as a pointed response to recent legal challenges and political ridicule of Trump’s broader tariff policies. A U.S. federal court recently ruled that Trump’s reciprocal tariff strategy exceeded presidential authority, deeming it invalid. The Trump team has since appealed the decision, as the term “TACO” — short for “Tariff Authority Controversy” — began circulating among politicians and Wall Street figures as a form of mockery.
South Korea’s steel sector is facing heightened concerns, as approximately 13% of the country’s steel exports went to the U.S. last year. A 50% tariff would effectively eliminate the price competitiveness of Korean steel in the U.S. market. This poses serious implications, particularly for high-demand products such as automotive steel and cold-rolled steel sheets. These products may lose their foothold amid Japanese steelmaker Nippon Steel’s recent acquisition of U.S. Steel.
Additionally, uncertainty looms over the “Geneva Accord” — a temporary 90-day truce in the U.S.-China tariff war — which now risks collapsing due to Trump’s renewed trade aggression. The global steel trade landscape, already volatile, faces intensified instability under the shadow of Trump’s escalating protectionist agenda.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
