South Korea pledges strong action against U.S. trade protectionism
Hong Jang-pyo, senior presidential secretary for economic affairs, announced in a media conference that the government had launched a World Trade Organization dispute settlement process, last week, regarding the Trump administation's anti-dumping and countervailing duty measures on steel products and transformers.
This comes after the U.S. Commerce Department last Friday advised President Donald Trump to impose steep duties on foreign steel as a means of protecting homegrown industries.
Seoul has cried foul as it has been listed among the dozen countries to be hit with a 53 percent tariff, while other major steel exporters such as Japan and Canada were excluded.
Also, South Korean companies have already suffered a blow, after the U.S. president last month signed an executive order imposing tariffs of up to 50 percent on large washing machines and up to 30 percent on solar panels. ■