U.S. President Donald Trump’s sweeping 25% tariffs on all steel and aluminum imports mark a return to his aggressive protectionist trade policies, this time without exceptions. Unlike in 2018, when South Korea secured a quota-based exemption, the new tariffs apply uniformly, dealing a direct blow to South Korean steelmakers.

The Trump administration has also threatened reciprocal tariffs on semiconductors, automobiles and batteries, raising broader trade risks. With South Korea already facing weak growth this year, a slowing job market and domestic political instability, these tariffs deepen uncertainty while forcing the ROK to reassess its trade and industrial policies.