Make Kitco Your Homepage

UPDATE 1-S.Korea to take dispute on U.S. steel anti-dumping duties to WTO

Kitco News

(Adds background)

SEOUL, Feb 14 (Reuters) - South Korea's trade ministry said on Wednesday it will take a dispute to the World Trade Organization against the United States for imposing high anti-dumping duties on South Korean steel and transformers.

The move comes after the United States in May 2016 slapped anti-dumping duties on Korean steel products and transformers of up to 60.81 percent by applying the Adverse Facts Available (AFA) provision.

The ministry said applying AFA rules allowed the United States to unfairly levy high anti-dumping duties without thoroughly verifying data available to them.

The trade ministry said in a statement it will request a bilateral discussion with the United States under the WTO agreement and notify the WTO on Wednesday.

In recent months, the United States has stepped up efforts to protect its industry including the renegotiation of free trade agreement with South Korea.

U.S. President Donald Trump said on Tuesday he was considering a range of options to address steel and aluminium imports that were unfairly hurting U.S. producers, including tariffs and quotas. Last month, Trump also approved a steep tariff on imported washing machines and solar panels in a move to protect American manufacturers, sparking criticism from China and South Korea. In response to the steep tariffs, South Korea's trade ministry said that it would "actively response to U.S. trade protectionism," including filing a complaint to the WTO.

(Reporting by Jane Chung; Editing by Lincoln Feast)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News