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US may exempt our steel from tariffs: S. Korea
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IANS | 19 Mar, 2018
South Korea's Commerce Minister
said on Monday that Seoul may be able to negotiate an exemption from the
US on its steel products.
South Korea and the US have been
engaged in an intense round of negotiations during the last week after
Washington approved a 25 per cent tariff on steel imports earlier in
March.
"I think there will be a good result within this week if
we wait for the results (of negotiations)," Paik Un-gyu said in a
working group meeting with members of his Ministry, Yonhap news agency
reported.
However, the Minister warned about the need for caution regarding the US' final decision.
"Although
the US views (South Korea) as an ally, there are concerns over the
global oversupply of steel and we are working hard on that part," he
said.
South Korean Trade Minister Kim Hyun-chong has been in
Washington for the past week, holding meetings on the matter with the US
Trade Representative Robert Lighthizer and other officials.
Also
accompanying Kim was Yoo Myung-hee, who led the negotiations to review
the free trade agreement between both countries and has extended her
stay in the capital to assist Kim.
South Korean Finance Minister
Kim Dong-yeon and his American counterpart Steven Mnuchin were also
scheduled to meet on Monday on the sidelines of the G20 meeting in
Buenos Aires to discuss the matter.
In a telephone conversation
last week on upcoming summits with North Korea, South Korean and US
Presidents Moon Jae-in and Donald Trump also touched upon the topic of
the tariffs.
Moon assured Trump that an exemption from the US'
planned tariff on steel products would be a reflection of the strength
of the alliance between both countries at a crucial time for both to
resolve the North Korean issue.
South Korea is the third largest
exporter of steel to the US after Canada and Brazil and in 2017 it sent
3.6 million tonnes to the country.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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