50% tariff imposed on semiconductors and solar panels, 25% on steel,
ⓒ News1 장수영,
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, ‘(Sejong=News1) Reporter Lim Yong-woo = The Ministry of Trade, Industry and Energy held a meeting with the semiconductor, solar panel, and steel industries on the impact of the U.S. imposing tariffs on China.’,
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, ‘Recently, the U.S. announced tariff increases on Chinese advanced and core industrial products such as electric cars and steel based on Section 301 of the trade law, which includes negotiation, retaliation measures against unfair trade practices of trading partners.’,
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, ‘As a result of this measure, the U.S. will increase tariffs on Chinese products worth $18 billion, including electric cars, steel, and other advanced core industrial products.’,
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, ‘Starting from January 1, 2025, tariffs on semiconductors will be increased by 50%, while tariffs on steel and solar panels will be increased by 25% from August 1, 2024.’,
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, ‘However, a procedure allowing temporary exemptions until May 31, 2025, will be in place for machinery used in manufacturing in the U.S.’,
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, ‘The Ministry of Trade, Industry and Energy plans to discuss the benefits in the U.S. market, excessive competition with Chinese products in overseas markets, and the impact on demand industries due to the connection with the Chinese supply chain.’,
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, ‘If deemed necessary through discussions with the industry, the ministry plans to submit a government statement.’,
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, ‘Trade Minister Yang Byung-nae said, “In the rapidly changing global trade environment and deepening U.S.-China conflict, meticulous and proactive responses to trade issues have become even more important for our business activities” and stated, “Regarding the recent U.S. measures, we will continue to communicate with the industry and work with the U.S. government to prevent unexpected damage to our companies.”.\n’]