According to BlockBeats, South Korea's Ministry of Industry has announced plans to respond to the U.S. decision to impose a 50% tariff on steel products. The South Korean government held an emergency meeting with key local steel manufacturers, including officials from POSCO Group and Hyundai Steel Company.
U.S. President Donald Trump stated last week that the tariff on foreign steel imports would be doubled to 50% by Wednesday. The move has prompted South Korea to consider its options in addressing the impact on its steel industry.