The Federation of Korean Industries sent a thank-you letter on September 27 to U.S. Senator Jerry Moran, who said South Korea should be excluded from Section 232 of the 1962 Trade Expansion Act.
Earlier this month, the senator urged the U.S. Department of Commerce and the U.S. Trade Representative‘s office to exclude South Korea and Japan from the section. Countries have been subject to tariffs and quotas since 2018 for national security reasons.
According to the senator, tariffs on steel and aluminum led to a 400% increase in the price of steel last year, when the consumer price increased by 4%, while causing a growing shortage. in the United States to oust manufacturers from the United States, force manufacturers to cut production, and hurt American job creation and economic growth.
“With the United States planning to make a huge investment in infrastructure, the plan can only be successful if the steel and aluminum supply chain issues are properly addressed,” he said. , adding: “The allies of the United States, including South Korea and Japan, are not security threats, and cooperation with them is very important to resolve the issues.
Previously, the Federation of Korean Industries asked the US Congress and government in 2018 to exclude South Korea from the section on steel import restrictions. In 2019, the federation made the same request with regard to automobile prices and automobile spare parts. Last year, it adopted a joint statement with the United States Chamber of Commerce for a section review.