CODIT flags tariffs strain on South Korea, whose aluminium export growth starts faltering from 62% to 25%
US tariffs have had a serious adverse impact on Korea as the country’s economy leans heavily on exports to the American market. The strain is already visible in the country’s trade performance, with export growth slowed to 3 per cent Y-o-Y, down from 5.8 per cent in July. Although that marked the third consecutive month of growth, it was the weakest in the streak, underlining the impact of Washington’s trade barriers.
A new study by the CODIT Global Evidence-Based Policy Institute, “U.S. Imposes 50% Tariffs on Aluminum and Copper: Strategic Responses for Korea,” underscores the structural vulnerabilities of Korea’s non-ferrous metals industry, valued at KRW 57 trillion (USD 40.5 billion) and dominated by small and mid-sized companies. The study finds that aluminium and steel form the backbone of Korea’s export engine; hence, tariffs on those metals have led to severe economic fallout.
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