Following the United States, the European Union recently announced that it would cut the duty-free import quotas for steel products and raise tariffs on several categories from 25% to 50%. According to South Korean media, the EU is the largest export market for the country's steel, and its entire industry is expected to come under significant pressure. Industry insiders in the country fear that with both the U.S. and the EU erecting their trade barriers, South Korean steel exports will face a “double whammy.”

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