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South Korea quickly responded to a U.S. decision to slap steep import tariffs on Washing Machines by not only calling the decision excessive and regrettable but announced that it would take the complaint to the global trade dispute body, World Trade Organization. South Korean trade minister Kim Hyun-Chong reportedly said, “The United States has opted for measures that put political considerations ahead of international standards…. The government will actively respond to the spread of protectionist measures to defend national interests…. The latest safeguard measures are in violation to WTO rules”.
The Trump administration took the decision based on findings of U.S. International Trade Commission (ITC), which said in a report that imports of the above-mentioned products were a substantial cause of serious injuries to domestic manufacturers. The United States will impose a 20 percent tariff on the first 1.2 million imported large residential washers in the first year, and a 50 percent tariff on machines above that number. The tariffs would decline to 16 percent and 40 percent respectively in the third year.
The decision was a severe blow to South Korean companies like Samsung Electronics and LG Electronics. Under the Trump administration, the United States has started cracking down not only on malpractices in trade but added protectionist measures to support domestic manufacturers.
