Korea's trade ministry has responded to President Trump's recent imposition of protective trade measures against Korean washing machines and solar panels,... saying the measures violate international trade regulations.
This comes as the Korean government notified the World Trade Organization of a Request for Consultations with the U.S. over the safeguard measures.
Kim Ji-yeon reports.
Korea's Ministry of Trade, Industry and Energy expressed regret over the U.S. decision to implement safeguard measures on imported washing machines and solar panels, slated for execution on February seventh.
The ministry called the measures excessive and a clear violation of World Trade Organization regulations.
At a meeting held Friday, the ministry said it cannot accept U.S. President Donald Trump's decision to go against the U.S. International Trade Commission's findings that imports of Korean washing machines are not “a substantial cause of serious injury to domestic manufacturers."
It said the import restrictions are particularly disappointing in that Korean companies are increasingly building factories in the U.S., creating new jobs and economic growth there.
The ministry said it plans to come up with countermeasures with the cooperation of Korean washing machine and solar panel manufacturers, which are expected to be greatly undermined by the high tariff rates imposed on their products following the U.S. safeguard measures.
The ministry has notified the WTO that it has asked the U.S. for consultations over its imposition of the measures.
Under the safeguard measures, a 20-percent tariff will apply on the first one-point-two million imported washers in the first year and a 50-percent tariff will be imposed on machines above that number.
The tariffs will be reduced each year down to 16-percent and 40-percent respectively by the third year.
A 30-percent tariff will be applied on imported solar panels after the first 2-point-5 gigawatts in the first year, falling to 15-percent by the fourth year.
Kim Ji-yeon, Arirang News.