In 2018, the United States removed tariffs on South Korean steel products, but this was in exchange for an annual import quota of 2.63 million tons of steel, or 70% of the Seoul’s average export volume of steel products over the past three years.
South Korean Commerce Minister Yeo Han-koo made the request to U.S. Trade Representative Katherine Tai during a bilateral meeting in Washington on Thursday.
South Korean steelmakers have also met with members of the US Congress, economic organizations and think tanks to demand the review, “given the seriousness of the current situation”, he added.
The push came as Washington moved in October to lift import duties on European steel and aluminum imposed by former President Donald Trump in 2018. The lift went into effect on January 1.
There are fears that the deal could have negative effects on South Korea’s exports of steel and aluminum products, as it is likely to increase the volume of steel imports from the EU to the United States.
The two sides also discussed the envisaged Indo-Pacific Economic Framework (IPEF).
The Joe Biden administration has sought to launch a new economic framework in the region, rather than joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a bid to better engage with Asia on trade in a context of intensifying Sino-American rivalry. .
During the meeting, Tai stressed that the new framework is a forward-looking and sustainable body that will help boost the competitiveness of countries in the region and bring them new economic opportunities.
“Yeo offered close consultations as the United States embodies the platform, noting that the framework must be open, transparent and inclusive, and that it is crucial to present standards that many countries in the region can accept” , the ministry said.
The CPTPP was launched in 2018 after Trump pulled out of the Trans-Pacific Partnership (TPP) the previous year. The partnership has 11 members, including Australia and Japan, with China applying to the pact. South Korea is studying the possibility of joining.
Yeo is in the United States for a 10-day stay starting Tuesday. (Yonhap)
