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by IANS |
Seoul, Feb 10 (IANS) Acting President Choi Sang-mok on Monday discussed measures to address the impact on South Korea's steel and related industries following US President Donald Trump's announcement of new tariffs, his office said.
Trump earlier said his government will start imposing a new 25 per cent tariff on all steel and aluminum imports, including those from Canada and Mexico, from Monday (US time), with additional import duties expected later in the week.
According to the finance ministry, Choi met with the industry minister and other senior officials to assess the situation and formulate a response to the potential increase in U.S. import tariffs. The ministry did not offer further details, reports Yonhap news agency.
South Korean stocks remained nearly unchanged late Monday morning as tech gains offset losses of steel and auto shares amid concerns about the impact of U.S. President Donald Trump's sweeping tariffs on the industries.
The benchmark Korea Composite Stock Price Index had added 1.16 points, or 0.05 per cent, to 2,523.09 as of 11:20 a.m.
The index opened markedly lower on news that Trump will announce a new 25 percent tariff on all steel and aluminum imports into the United States, as well as reciprocal tariffs to take effect almost immediately.
But most of the earlier losses were erased by buying by institutional and retail buying of some leading tech shares.
Top-cap shares traded mixed. Market bellwether Samsung Electronics rose 0.56 per cent, while chip giant SK hynix shed 0.74 per cent. Leading battery maker LG Energy Solution gained 0.45 per cent.
But No. 1 steelmaker POSCO Holdings plunged 1.26 percent, and Hyundai Steel sank 2.48 percent. Top automaker Hyundai Motor slid 0.5 percent, and its sister affiliate Kia plunged 2.59 percent. Major bio shares lost ground. Samsung Biologics went down 0.26 percent, and Celltrion decreased 0.45 percent.
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