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South Korea expresses regret on U.S. steel tariff, extends request for exemption

South Korea expresses regret on U.S. steel tariff, extends request for exemption

World
SEOUL, March 9 (UPI) -- South Korea expressed regret over the United States' decision to impose a 25 percent tariff on foreign steel products and said it will consider lodging a complaint with the World Trade Organisation if an exemption isn't made.Minister of Trade, Industry and Energy Paik Un-gyu convened a meeting with local steel firms Friday morning, after U.S. President Donald Trump signed the order to slap steep tariffs on foreign steel, ignoring Seoul's repeated requests to exclude South Korean products from the measure.Paik expressed concern that the U.S. trade action would take a sizeable toll on South Korean businesses, as they account for the third largest amount of foreign steel in the U.S. market after Canada and Brazil, Chosun Ilbo reported.According to the Korea Internation...
UK to seek exemption from US steel tariffs

UK to seek exemption from US steel tariffs

Business
The UK will seek an exemption from President Donald Trump's tariffs on steel and aluminium imports to the US, according to Trade Secretary Liam Fox.Mr Fox says he will travel to Washington next week when he will discuss the new duties.He said: "We will, of course, be looking to see how we can maximise the UK's case for exemption under these particular circumstances."Steel imports will carry a 25% tariff while aluminium will have a 10% duty.President Trump claims that the US has suffered from "unfair trade" and that the tariffs will boost the domestic market. Dr Fox said: "We understand the anxieties about steel over-production that the United States has but we believe there are other ways to tackle that on a multilateral basis."US chided over hefty import tariffsWhat impact will steel tari...
Tax exemption, Sec 80C limits, surcharge on HNIs may be hiked in Budget 2018: EY

Tax exemption, Sec 80C limits, surcharge on HNIs may be hiked in Budget 2018: EY

Finance
We expect Budget 2018 to increase the basic tax exemption limit from the current Rs 2.5 lakh to Rs 3 lakh and also the Section 80C investment limit for tax saving from the current Rs 1.5 lakh to Rs 2 lakh, says Sonu Iyer, tax partner and people advisory services leader, EY. Talking to ET online about what she thinks the forthcoming budget would bring in the area of personal taxes, she said that these increases were also warranted to account for inflation. These increases would entail loss of revenue for the exchequer but they were also needed to keep the limits in line with inflation, she explained. Re-introduction of inheritance tax unlikelyCommenting on the current speculation regarding re-introduction of inheritance tax, Iyer said "I don't think it will come in. Wealth tax was a...