US tariff policy triggers economic self-inflicted damage, South Korean steel giants face emergency management

The United States recently imposed a 25% tariff on imported steel and aluminum products, a policy that has sparked widespread economic discussion. Australia’s Treasurer said that this tariff policy could lead to slower economic growth and higher inflation in the United States, describing it as “economic self-injury.”

At the same time, South Korea’s steel industry has also been severely impacted. Hyundai Steel, South Korea’s second-largest steelmaker, announced that it has entered a state of “emergency management” to cope with reduced export orders and domestic and foreign market pressures. The company has taken measures such as cutting executive salaries and implementing a voluntary retirement plan for employees to save costs.

This tariff storm has not only affected the steel industry, but may also have a profound impact on the global economy.