Seoul: South Korean industries will see mixed impact from the United States' adjustment of metal tariffs as the effect will be different for each export item, the industry ministry said Monday. The Ministry of Trade, Industry and Resources made the assessment as the adjusted U.S. tariffs on steel, aluminum, and copper imports based on their "full customs value" took effect earlier in the day.

According to Yonhap News Agency, under the new scheme, the U.S. administration will impose 50 percent duties on imported products made entirely or almost entirely of steel, aluminum, or copper based on their full value. Derivatives substantially made of such materials are subject to 25 percent tariffs, while products made of 15 percent or less steel, aluminum, or copper are exempt from the sectoral tariff.

With the simplification of the U.S. tariff system, the ministry said South Korean companies will likely face fewer burdens in calculating specific U.S. duties for their products, with the impact of the adjusted tariffs expected to be different by item. For instance, key export items, including ultra-high voltage transformers and certain machine tools, will benefit from the new system, with their tariffs reduced to 15 percent from 25 percent.

Cosmetics and food products have been excluded from the derivatives category and will be subject only to a universal tariff rate of 10 percent. Other derivative products with high steel or aluminum content, which previously faced tariffs of over 30 percent, will now be subject to a single 25 percent rate, enjoying a modest advantage, the ministry explained.

In the case of washing machines, Seoul's major export item to the U.S., they will likely see limited impact as Korean companies are already manufacturing a big portion of their products in the U.S., it added. However, the ministry said some machinery and home appliance items may face increased tariff burdens due to the changes in calculation methods.

"The government will closely analyze the impact (of adjusted U.S. tariffs) on local industries and continue consultations with the U.S. side to help reduce the burden on our companies," Kwon Hye-jin, director general for trade negotiations at the ministry, said in a press release.