South Korean Steelmakers' Stocks Sink on Trump Tariffs Announcement
South Korean steelmakers witnessed a decline in their share prices on Monday following U.S. President Donald Trump's announcement of new tariffs on steel imports.
POSCO Holdings experienced a drop of up to 3.6% to 230,500 won, marking the lowest point since October 2022. Hyundai Steel's shares also declined by 2.9%, reaching their lowest recorded level.
Trump announced plans to impose a 25% tariff on all steel and aluminum imports into the United States. This action represents a significant escalation of his trade policies and is in addition to existing metal duties.
The news also impacted South Korean automakers. Hyundai Motor's shares fell by 0.7%, while Kia Corp saw a 2% decline. The benchmark KOSPI index experienced a 0.5% decrease.