Chinese tariffs prompt response from Korea
Chinese plans to implement temporary tariffs have prompted South
Korea to join
Japan in responding to the recent Chinese action reportedly effective on May 25.
China announced a day ago that it planned on imposing tariffs of 7-26% on imports that include nine steel products that exceed certain quotas. Sources in
China report that the move was prompted by the Bush administration's Section 201 tariff ruling.
Korean officials told the press that they plan to negotiate with
China about lowering the tariff or receiving an exemption. Officials stressed they will respond in conjunction with
Japan on the issue at the earliest possible date. South Korean steel exports to
China in 2001 totaled almost 20 percent, worth an estimated $1.84 billion – almost 4 million tons.