The US government is initiating a Section 301 investigation that impacts South Korean steel and petrochemical industries amid long-term recession and excessive supply from China.
The US Trump administration has invoked Section 301 of the trade law to investigate South Korea and other countries in response to a Supreme Court ruling that invalidated mutual tariffs, leading to increased burdens on the domestic steel and petrochemical sectors. These industries are presently confronting dual pressures from China's excess production and a prolonged downturn in trade, which is compounded by wide-ranging US trade pressures. The Trade Representative's Office announced on November 11 that it would investigate 16 countries, including China and South Korea, citing overproduction as the reason behind the probe.
