South Korea's trade minister said talks with the EU produced a positive consensus on duty-free steel import quotas. The EU will from July 1 cut annual duty-free steel imports to 18.35 mln t from 33.82 mln t (a 46% reduction) and raise tariffs on above-quota steel to 50% from 25%. Seoul is negotiating to maximize its allocation; its current duty-free quota is about 2.58 mln t. The EU has pledged any cut to South Korea's allocation will be smaller than 46% but gave no figure. The minister said Sou

South Korea's trade minister said talks with the EU produced a positive consensus on duty-free steel import quotas. The EU will from July 1 cut annual duty-free steel imports to 18.35 mln t from 33.82 mln t (a 46% reduction) and raise tariffs on above-quota steel to 50% from 25%. Seoul is negotiating to maximize its allocation; its current duty-free quota is about 2.58 mln t. The EU has pledged any cut to South Korea's allocation will be smaller than 46% but gave no figure. The minister said South Korea made no special concessions and warned the measure violates the Korea-EU FTA and could prompt retaliatory action.