S. Korea to Take Firm Action Against US Steel Tariffs

Write : 2018-02-20 17:00:42 Update : 2018-02-20 18:11:20

S. Korea to Take Firm Action Against US Steel Tariffs

The presidential office said Tuesday that it will take bold response measures against the United States' moves to clamp down on South Korean companies which include high tariffs on steel products.

Hong Jang-pyo, senior presidential secretary for economic affairs, said in a news conference that the government last week began a World Trade Organization(WTO) dispute settlement process regarding Washington's anti-dumping and countervailing duty measures on steel products and transformers. 

In regards to the U.S.'s safeguard measures against imported washing machines and solar products, Hong said bilateral negotiations are taking place in accordance with WTO rules. He said if the talks break down, Seoul will seek a litigation process. 

The senior secretary stressed that Seoul will respond to trade issues with major trade partners such as the U.S., sternly and confidently, from the viewpoint of securing national interests.

He said South Korea would act and respond in accordance with international trade norms such as the WTO Agreement, saying that the trade body's dispute settlement procedure is the most practical means of resolving disputes without unnecessary friction between the countries.

He added that undergoing such a process should not be seen from a diplomatic or security point of view or be regarded as an unfriendly measure against the other party.

Hong said South Korea will conduct high-level outreach to Washington before the U.S. president decides on steel tariffs in mid-April, as well as strive to minimize the fallout on South Korean businesses.

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