The US import duties will cost South Korea 2.4 billion USD
The US duties on imports of steel, washing machines and solar batteries from South Korea will cost the country more than 2.4 billion USD, according to the government official financial report.
The new US duties, which are 70% of the average for the period 2015-2017, could lead to the reduction of almost 16,000 jobs. According to the government report, the washing machine production will lose 760 million USD and over 8,100 jobs, and manufacturing of solar generators will lose 470 million USD and about 1,300 jobs.
Earlier, South Korea filed a request with the World Trade Organization (WTO) for bilateral consultations with the US on the January import duties for washing machines and solar cells. According to the Asian country, these measures are contrary to WTO rules. In April, South Korean authorities announced plans to impose import levies for US goods worth 480 million USD, as countermeasures.
The new US tariffs will affect mostly South Korean giants LG Electronics and Samsung Electronics.
The Free Trade Agreement between South Korea and the US was signed in April 2007 and entered into force in March 2012. During his election campaign, the US President Donald Trump repeatedly criticized this document, calling it unprofitable and unfair.
Posted from my blog with SteemPress : http://financeandmarkets.com/us-import-duties-cost-south-korea-2bn-usd/