Koreans fear a 25% tariff on all steel imports to the US could have devastating impact on economy
POHANG – Smoke billows from chimneys as factories churn in South Korea 's steelmaking heartland, now under threat from Washington's swingeing new tariffs on the port city's largest export.
Pohang City Mayor Lee Kang-deok says the South Korean economy will be destabilised if the steel industry collapses "Pohang has long been a symbolic steel city that has supported South Korea for decades, serving as a backbone for the country's development," said Bang Sung-jun, a former Hyundai Steel worker and an official at the Korean Metal Workers' Union's Pohang branch.
"Trump's protectionism certainly will affect South Korea's long-suffering steel industry, already squeezed by low-price exports from China and unfavourable Japanese yen exchange rate," Vladimir Tikhonov, professor of Korea studies at the University of Oslo, told AFP.Some suggest the tariffs could offer opportunities for South Korean firms to find new export markets.
AFP reporters visited a factory owned by Hyundai Steel which closed late last year. It did not appear to be operating and was guarded by a handful of staff at the time of the visit.
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South Korea's Steel City Faces Trump Tariffs ThreatThe city of Pohang, South Korea's steelmaking heartland, fears devastating impacts from US tariffs on steel imports. The tariffs could cripple the industry, which has long been a vital part of the country's economy and a source of jobs for the city. Workers and officials warn of irreversible damage and potential job losses if the industry collapses.
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