WTO rules against US over high tariffs on South Korea
The World Trade Organization (WTO) has ruled against the USA over high tariffs it has imposed on South Korean products since 2016.
Image source: Andalou Agency
South Korea, Seoul: The World Trade Organization (WTO) has ruled against the USA over high tariffs it has imposed on South Korean products since 2016.
The global trade body ruled in favour of Seoul in its lawsuit against high tariffs imposed by Washington on steel and power transformer products, Yonhap News Agency reported, citing South Korea’s Trade Ministry.
The global body’s verdict came just a day after new US President Joe Biden took office.
Seoul approached the WTO in February 2018, after negotiations with the USA faltered.
Washington started levying high tariffs on some South Korean products in May 2016, during the tenure of former President Barack Obama, under the “adverse facts available” provision.
The provision allows for high anti-dumping and countervailing tariffs if an accused company fails to provide the data demanded by authorities, the report said.
The UAS has been imposing tariffs of 9.49 % to 59.72 % on South Korean steel products, while those on electrical transformers reached 60.81 %, according to the agency.
Source: Andalou Agency