S. Korea to engage in talks with U.S. over proposed 50% steel and aluminum tariffs

The Trade Ministry held an emergency meeting with Korea's aluminium and steelmakers including POSCO and Hyundai Steel earlier on this Monday.

On the agenda were U.S. intentions to DOUBLE the current 25-percent tariff on steel and aluminium imports into its market.

Last Friday President Donald Trump announced plans to raise the import duty on steel and aluminium to 50 percent starting June 4th that is Wednesday this week.

Industry heavyweights have urged the government to swiftly address the matter with the Trump administration and the Trade Ministry for its part has pledged to seek to minimize the fallout on local businesses.