The administration of U.S. President Donald Trump announced Monday that the levies will kick in from March 12, with the goal of "encouraging investment and expansion of production by domestic steel producers" and "mitigating the threatened impairment of U.S. national security."

SEOUL (Reuters) - South Korea's acting President Choi Sang-mok discussed on Monday responses to U.S. President Donald Trump's proposed tariffs on steel and aluminum, last week's U.S.-Japan summit, and responding to major trade issues in the digital sector in a government meeting, the finance ministry said.

South Korea's free trade agreement with the United States could help mitigate its exposure to reciprocal tariffs threatened by U.S. President Donald Trump, economists at two major investment banks have said.