(CLO) On February 11, European countries and South Korea expressed concern and made plans to deal with US President Donald Trump's decision to impose a 25% tax on imported steel and aluminum.
European Commission President Ursula von der Leyen said the EU would take "firm and proportionate" countermeasures after the US announced its decision. She said the US decision would not only harm businesses but also have a negative impact on consumers.
Ms Von der Leyen also stressed that the EU would not let the tariffs “go unchecked” and was ready to act to defend the bloc’s interests. The EU could reactivate tariffs that were imposed in 2018 before being suspended under a deal with former President Joe Biden. Discussions on the EU’s response will take place on February 12.
Illustration: CC/Wiki
In South Korea, Acting President Choi Sang-mok said the government would make every effort to negotiate with the United States to minimize the negative impact of tariffs on domestic businesses. He said South Korea would maintain close ties with the United States and consult with Japan and the EU to seek joint responses.
South Korean Trade Minister Cheong In-kyo warned that the new tariffs could reduce steel demand in the United States, hurting South Korean steelmakers. However, he also saw this as an opportunity for businesses to seek new markets.
Although the countries have not yet announced details of their response, discussions and negotiations are expected to continue in the coming days. South Korea and the EU both said the US decision could cause major damage to the global economy, especially as gold prices have surged to a record $2,942.70 amid trade concerns.
The 25% tariff will take effect on March 12 on steel imports from South Korea, Japan, the EU and many other countries, according to the White House. These and many other countries will face changes, while global steelmakers are also preparing to deal with the impact of this decision.
Ngoc Anh (according to Reuters, Bloomberg, Yonhap)
Source: https://www.congluan.vn/chau-au-va-han-quoc-phan-ung-voi-quyet-dinh-ap-thue-thep-va-nhom-cua-my-post334048.html
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