[News Today] Exports to U.S. drop 8.1% in May

[LEAD]
U.S. President Donald Trump's tariff policies are putting growing pressure on Korea's exports. Last month, exports to the U.S. fell by over eight percent. This downturn has dragged overall exports back into negative territory after four months of gains.

[REPORT]
A 50% tariff will be imposed on steel products exported to the U.S. starting Wednesday.

A certain amount of steel imports used to be allowed to enter the U.S. market duty-free. Back in March, a 25% tariff was levied, and this time it will be doubled.

The steel sector, which has already seen its exports dwindle by about 20%, is on high alert.

Donald Trump / U.S. President
At 50%, they can no longer get over that fence, so...

The repercussions are now spreading to automobiles, the number one export item to the U.S. that has been tariffed since April.

Car exports to the U.S. fell by more than 30% last month.

That's more than 10%p more than the decrease posted in the month before.

As a result, the overall amount of car exports shrank by 4.4% to 6.2 billion dollars.

Trade with China was also sluggish, leading to a 1.3% decrease in Korea's overall export amount last month.

Export growth, which had continued from February, has also taken a downward turn.

Joo Won / Hyundai Research Institute
China's domestic market is also struggling. They spent around CNY 4 tn during the global financial crisis, but they can't afford it now.

Semiconductors, a major export item, had prevented the export amount from declining further.

As demand for high-bandwidth memory chips remains high, semiconductor exports posted an all-time high for the month of May.

However, Korea's export outlook is bleak now because of the pending increase in the tariffs on steel and aluminum.

Trade talks between Seoul and Washington, which aim to reach an agreement next month, will continue after a new administration takes office in Korea.

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