South Korea's Trade Minister Discusses Steel Safeguards with EU and FTA Resumption with Mexico

Trade Minister Yeo Han-koo conveyed Seoul's concerns over the EU's tougher steel safeguard plan and Mexico's tariff hike during visits to both regions, Yonhap reported. Yeo Han-koo met with Maros Sefcovic, the EU's commissioner for trade and economic security, at the EU headquarters in Belgium on Monday, May 11, 2026.

During the meeting, Yeo addressed deep concerns over the EU's plan to implement stronger steel safeguard measures.

The EU plans to raise tariffs on 30 steel items and reduce tariff-free quotas on foreign steel imports starting in July 2026. Yeo Han-koo called for a prudent approach to the EU steel safeguard issue. He stressed that the EU is the second-largest importer of South Korean steel.

Such measures could directly affect supply chains and Korean companies in industries such as automobiles and home appliances, according to the Ministry of Trade, Industry and Resources. Steel is a strategic industry both for Korea and the EU. Yeo Han-koo and Maros Sefcovic agreed to continue discussions to find a mutually beneficial solution on steel safeguards.

From Tuesday, May 12 to Wednesday, May 13, 2026, Yeo Han-koo visited Mexico. There he met with Mexican Secretary of Economy Marcelo Ebrard to expand Seoul's outreach for the resumption of free trade agreement negotiations. The Mexican government raised tariffs on imports of automobiles, auto parts, textiles, steel and other goods from countries that do not have an FTA with Mexico.

-Mexico-Canada Agreement (USMCA). Under the USMCA, Korean companies use Mexico as a key production base, importing intermediate goods to produce finished goods for export across North America. Yeo Han-koo and Marcelo Ebrard agreed to launch a new ministerial-level strategic dialogue aimed at facilitating trade talks between the two countries.

Yeo Han-koo also met with Mexico's presidential chief of staff Lazaro Cardenas and lawmakers to ask for their support for resumption of bilateral FTA negotiations.