U.S. focuses on existing metal negotiations, Thailand tells South Korea’s trade manager


Washington — U.S. Trade Representative Katherine Tai to South Korea’s Trade Minister Thursday, U.S. Focuses on “Existing Conversations” on Steel and Aluminum Access, Domestic Industry Concerns Affect Biden’s Approach Said giving.

South Korea is seeking relief from US tariffs of 25% on steel and 10% on aluminum after Washington reached a quota agreement with the European Union in October. The Biden administration has also begun talks with the UK and Japan on potential metal tariff relief.

In a statement released after meeting with South Korean trade minister Yo Han-ku in Washington, USTR did not indicate that the United States was ready to expand such negotiations.

“The Thai ambassador continues to focus on non-market practices and US stakeholders as the United States focuses on existing conversations to develop a global arrangement to address the carbon strength of the steel and aluminum trade. He emphasized the challenge of global overcapacity caused by strong concerns. “

The US-EU agreement aims to curb trade in high carbon emissions steel and subsidize overproduction in China.

US steelmakers have expressed concern that the Biden administration has allowed foreign-made steel and aluminum floods domestically. March 2018.

As the US-Korea Free Trade Agreement (KORUS) celebrates its 10th anniversary, in a meeting with Yeo, Tai also provided up-to-date information on US plans for a new Indo-Pacific economic framework, USTR said.

The new Biden administration’s initiative is partly aimed at countering China’s growing economic influence in the region.

At an event later Thursday, Yeo said the framework should include increased access to the US market.

“I think access to the market will be one of the key types of benefits that countries in the region expect from US leadership,” Yeo told a forum hosted by the Center for Strategic and International Studies in Washington.

By David Lawder and David Brunnstrom

Reuters

follow