South Korea’s top economic think tank slashed its growth forecast for the country’s economy for the second time in four months on Tuesday, expressing concern about the impact of U.S. President Donald Trump’s expanding tariffs.

South Korea's Trade Minister Cheong In-kyo said on Tuesday that U.S. President Donald Trump's 25% tariffs on steel and aluminum imports due to come into force in March would reduce U.S. steel demand and erode steel exporters' profitability.

United States President Donald Trump signed two executive orders on Monday to impose a 25% tariff on aluminum and steel imports. "This is a big deal, the beginning of making America rich again," the president said from the Oval Office after signing the order,