You are here: Home » Reuters » News
Business Standard

South Korea needs to consider a complaint to WTO over U.S. protectionism - steel industry source

Reuters  |  SEOUL 

By Hyunjoo Jin and Jane Chung

SEOUL (Reuters) - South Korea's and industry should consider all measures including filing a complaint with the World Trade Organization (WTO) in response to "deepening U.S. trade protectionism", an industry source told on Friday.

The source's comments came after U.S. President Donald on Thursday launched a trade probe against China and other exporters of cheap into the U.S. market, raising the possibility of new tariffs.

A senior official at South Korea's trade ministry said the is considering its response to the U.S. move.

"We are open to all possible options including filing a complaint with WTO but nothing has been decided. We will decide after listening to opinions of the Korean industry," the official said.

The official and the industry source asked not to be identified because of the sensitivity of the matter.

POSCO shares were up 2.3 percent and Hyundai stocks were up 0.8 percent in the wider market that climbed 0.9 percent as of 0341 GMT.

Only about 5 percent of South Korea's production goes to the United States, according to Choi Moon-sun, a analyst at Korea Investment & Securities in Seoul.

Still, South Korean steelmakers, including top-ranked POSCO are bracing for rising tariffs in the United States.

On March 30, the U.S. Department of Commerce made a finding that several countries including dumped carbon and alloy cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent.

In addition, there was a final finding that South Korean imports were subsidized, leading to a countervailing duty of 4.31 percent being slapped on those products.

In September last year, the U.S. International Trade Commission said it would keep in place most of the recent anti-dumping and anti-subsidy duties that have targeted hot-rolled flat imports from Australia, Brazil, Britain, Japan, the Netherlands, and Turkey.

(Reporting by Hyunjoo Jin and Jane Chung; Editing by Tom Hogue)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

South Korea needs to consider a complaint to WTO over U.S. protectionism - steel industry source

SEOUL (Reuters) - South Korea's government and steel industry should consider all measures including filing a complaint with the World Trade Organization (WTO) in response to "deepening U.S. trade protectionism", an industry source told Reuters on Friday.

By Hyunjoo Jin and Jane Chung

SEOUL (Reuters) - South Korea's and industry should consider all measures including filing a complaint with the World Trade Organization (WTO) in response to "deepening U.S. trade protectionism", an industry source told on Friday.

The source's comments came after U.S. President Donald on Thursday launched a trade probe against China and other exporters of cheap into the U.S. market, raising the possibility of new tariffs.

A senior official at South Korea's trade ministry said the is considering its response to the U.S. move.

"We are open to all possible options including filing a complaint with WTO but nothing has been decided. We will decide after listening to opinions of the Korean industry," the official said.

The official and the industry source asked not to be identified because of the sensitivity of the matter.

POSCO shares were up 2.3 percent and Hyundai stocks were up 0.8 percent in the wider market that climbed 0.9 percent as of 0341 GMT.

Only about 5 percent of South Korea's production goes to the United States, according to Choi Moon-sun, a analyst at Korea Investment & Securities in Seoul.

Still, South Korean steelmakers, including top-ranked POSCO are bracing for rising tariffs in the United States.

On March 30, the U.S. Department of Commerce made a finding that several countries including dumped carbon and alloy cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent.

In addition, there was a final finding that South Korean imports were subsidized, leading to a countervailing duty of 4.31 percent being slapped on those products.

In September last year, the U.S. International Trade Commission said it would keep in place most of the recent anti-dumping and anti-subsidy duties that have targeted hot-rolled flat imports from Australia, Brazil, Britain, Japan, the Netherlands, and Turkey.

(Reporting by Hyunjoo Jin and Jane Chung; Editing by Tom Hogue)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

South Korea needs to consider a complaint to WTO over U.S. protectionism - steel industry source

By Hyunjoo Jin and Jane Chung

SEOUL (Reuters) - South Korea's and industry should consider all measures including filing a complaint with the World Trade Organization (WTO) in response to "deepening U.S. trade protectionism", an industry source told on Friday.

The source's comments came after U.S. President Donald on Thursday launched a trade probe against China and other exporters of cheap into the U.S. market, raising the possibility of new tariffs.

A senior official at South Korea's trade ministry said the is considering its response to the U.S. move.

"We are open to all possible options including filing a complaint with WTO but nothing has been decided. We will decide after listening to opinions of the Korean industry," the official said.

The official and the industry source asked not to be identified because of the sensitivity of the matter.

POSCO shares were up 2.3 percent and Hyundai stocks were up 0.8 percent in the wider market that climbed 0.9 percent as of 0341 GMT.

Only about 5 percent of South Korea's production goes to the United States, according to Choi Moon-sun, a analyst at Korea Investment & Securities in Seoul.

Still, South Korean steelmakers, including top-ranked POSCO are bracing for rising tariffs in the United States.

On March 30, the U.S. Department of Commerce made a finding that several countries including dumped carbon and alloy cut-to-length plate in the U.S. market, allowing it to impose duties ranging from 3.62 percent to 148 percent.

In addition, there was a final finding that South Korean imports were subsidized, leading to a countervailing duty of 4.31 percent being slapped on those products.

In September last year, the U.S. International Trade Commission said it would keep in place most of the recent anti-dumping and anti-subsidy duties that have targeted hot-rolled flat imports from Australia, Brazil, Britain, Japan, the Netherlands, and Turkey.

(Reporting by Hyunjoo Jin and Jane Chung; Editing by Tom Hogue)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22