South Korean, Vietnamese Steelmakers Tumble On Trump’s New Tariffs

Shares of South Korean and Vietnamese steelmakers—major exporters of steel to the United States—fell sharply after U.S. President Donald Trump announced he would double tariffs on imported steel and aluminum to 50%, Eric Onstad, Hyunjoo Jin, and Hongmei Li reported for Reuters.

The rates could eventually be rolled back, given the Trump administration’s track record of reversing course on trade policy. I Photo: POSCO

The new levies, set to take effect on June 4, escalate a global trade war that intensified shortly after Trump accused China of violating an agreement to mutually roll back tariffs and trade restrictions on critical minerals.

Steel industry experts noted that while the increased tariffs will disrupt major exporters to the U.S., the rates could eventually be rolled back, given the Trump administration’s track record of reversing course on trade policy.

“Frequent shifts in the Trump administration’s tariff policies introduce considerable uncertainty regarding the actual impact,” said Chelsea Ye, senior analyst at metals research firm McCloskey.

“I think the final result will be far lower than initially projected, especially concerning its duration.”

South Korea’s Industry Ministry said it would address the 50% steel tariff during trade discussions with Washington in an effort to minimize the impact on its domestic industry.