U.S. import restrictions to hurt South Korean exports
- 6 years ago
미국 수입규제로 한국 수출 2.6조원 손실..1만6천명 취업기회 상실"
Washington imposed duties on goods ranging from steel, aluminum to washing machines.
Caught in the crossfire is South Korea.
Seoul could suffer losses due to the growing trade protectionist moves.
Kim Hyesung zooms in on the report released by the nation's parliament.
A report by the National Assembly's Budget Office on Thursday shows that Korea could suffer a loss of more than two-point-three billion U.S. dollars due to import restrictions by the U.S. on steel, washing machines and solar cells.
The report also estimated the regulations could result in the loss of up to 16-thousand jobs.
Korea, the third largest steel exporting country to the U.S., is exempt from the Trump administration's 25 percent tariff on steel.
But it has received a quota of about 2-point-68 million tons of steel exports, or 70 percent of the annual average of Korean steel exports to the United States between 2015 and 2017, as part of an amendment to the Korea-U.S. Free Trade Agreement.
The report says the quota could lead to a potential loss of one-point-two billion dollars, including over six-and-a-half thousand job losses over the next five years.
"When amending the KORUS FTA, Seoul had to make concessions in steel and automobiles, but secured its red line in the agricultural sector, so the numbers do not paint a full picture of the damage to Korean exports."
During the first year of the Trump Administration, the number of U.S. import regulations imposed by the U.S. Commerce Department has gone up over 80 percent.
But unlike steel, Korean washing machines and solar panels face safeguard tariff measures starting 2018, which could hurt Korean companies like Samsung Electronics and LG Electronics' exports to the U.S.. The report says the losses in exports could reach some 1-point-two billion dollars.
Seoul already filed a complaint to the WTO in May against the U.S. for imposing tariffs on washing machines and solar panels, calling it a violation of the WTO agreement.
But experts say this is a dispute that could take years to be settled.
Kim Hyesung, Arirang News.
Washington imposed duties on goods ranging from steel, aluminum to washing machines.
Caught in the crossfire is South Korea.
Seoul could suffer losses due to the growing trade protectionist moves.
Kim Hyesung zooms in on the report released by the nation's parliament.
A report by the National Assembly's Budget Office on Thursday shows that Korea could suffer a loss of more than two-point-three billion U.S. dollars due to import restrictions by the U.S. on steel, washing machines and solar cells.
The report also estimated the regulations could result in the loss of up to 16-thousand jobs.
Korea, the third largest steel exporting country to the U.S., is exempt from the Trump administration's 25 percent tariff on steel.
But it has received a quota of about 2-point-68 million tons of steel exports, or 70 percent of the annual average of Korean steel exports to the United States between 2015 and 2017, as part of an amendment to the Korea-U.S. Free Trade Agreement.
The report says the quota could lead to a potential loss of one-point-two billion dollars, including over six-and-a-half thousand job losses over the next five years.
"When amending the KORUS FTA, Seoul had to make concessions in steel and automobiles, but secured its red line in the agricultural sector, so the numbers do not paint a full picture of the damage to Korean exports."
During the first year of the Trump Administration, the number of U.S. import regulations imposed by the U.S. Commerce Department has gone up over 80 percent.
But unlike steel, Korean washing machines and solar panels face safeguard tariff measures starting 2018, which could hurt Korean companies like Samsung Electronics and LG Electronics' exports to the U.S.. The report says the losses in exports could reach some 1-point-two billion dollars.
Seoul already filed a complaint to the WTO in May against the U.S. for imposing tariffs on washing machines and solar panels, calling it a violation of the WTO agreement.
But experts say this is a dispute that could take years to be settled.
Kim Hyesung, Arirang News.