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At the G20 summit held in Rome, Italy, it was agreed to eliminate the steel tariffs imposed by the US on the European Union.
President Biden explained that it was a measure to limit dirty Chinese steel, but it is likely to have a significant impact on Korea's steel exports.
Correspondent Yunsu Kim from Washington.
<Reporter> On the
last day of the G20 summit, US President Biden volunteered for a brief meeting with European Commission President von der Leyenne.
This is to explain the agreement that former President Trump had imposed on the EU to end the 25% steel tariff.
President Biden has made it clear that the action is aimed at China, saying dirty Chinese steel that does not meet carbon emission standards is harming the environment and messing up the market with oversupply.
[President Biden/USA: This is a measure to prevent dirty steel from China from accessing the US market and to restrict other steel exporters from dumping steel into the US market.] In
addition to steel, the 10% tariff on aluminum It will be suspended for two years, during which time the US and EU have agreed to pursue a global agreement to contain China.
We have developed a common standard for assessing the carbon emissions that accompany steel and aluminum production, leaving the door open for like-minded countries to participate.
[Von der Leyen/Chairman of the European Commission: This is a great step forward for climate change prevention efforts.
This global agreement is open to all like-minded countries.]
South Korea is receiving restrictions on the amount of steel instead of being subject to tariff-free steel from the United States.
If tariffs on EU steel are eliminated, the price competitiveness of domestic steel in the U.S. market will inevitably decrease, and this agreement is expected to have a significant impact on Korea's steel exports.