S. Korea To Consider WTO Complaint Over US Steel Tariffs
Umer Jamshaid Published March 09, 2018 | 12:45 PM
The US' third-biggest steel supplier South Korea will ask Washington for an exemption from President Donald Trump's new tariffs and consider filing a complaint to the World Trade Organization if it is refused, Seoul said Friday.
Seoul, (UrduPoint / Pakistan Point News - 09th Mar, 2018 ) :The US' third-biggest steel supplier South Korea will ask Washington for an exemption from President Donald Trump's new tariffs and consider filing a complaint to the World Trade Organization if it is refused, Seoul said Friday. Trump imposed steep tariffs of 25 percent on foreign steel and 10 percent on aluminium Thursday, drawing sharp protests from allies at home and abroad amid fears of a global trade war. South Korean trade minister Paik Un-gyu expressed his regret at the move in a meeting with steel executives, saying: "If this action takes effect, it would inevitably deal a serious blow to South Korea's steel exports to the US." The South is a treaty ally of the US, which has 28,500 troops stationed in the country to protect it from the nuclear-armed North, but has found itself on the receiving end of Trump's "America First" economic agenda. A free trade agreement between the two is being renegotiated at Washington's behest, and talks are currently taking place in Hawaii on cost-sharing for the US military presence, after Trump said on the campaign trail that Seoul should pay more.
The trade ministry will seek consultations with the US Trade Representative at an early date to ask for reduced or no tariffs on the country's steel products, it said in a statement. If it is unsuccessful, it will "actively consider" filing a complaint with the WTO in cooperation with other countries, it added. Other nations have condemned Trump's decision, with China, the world's second-largest economy, calling it a "serious attack" on the global trading system. The Hyundai Research Institute said in a report Friday that 25 percent tariffs would lead to a 22 percent cut in South Korean steel exports to the US -- or almost $1 billion of the nearly $4 billion-worth of steel the South shipped to the US last year. South Korea ranks third among steel suppliers to the US after Canada and Brazil.
Related Topics
Recent Stories
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
More Stories From Business
-
Afghan trade delegation, FPCCI discuss bilateral trade
29 minutes ago -
With knowledge economy, Mauritius is a stable economy: Envoy
59 minutes ago -
Aurangzeb reiterates govt's resole to reduce poverty, promote sustainable development
2 hours ago -
Finance minister meets Chairman Anjuman-e-Tajran; discuss issues of business community
2 hours ago -
Govt ensuring digital access as fundamental right: Ahsan Iqbal
2 hours ago -
WHO delegation calls on Chairman FBR
2 hours ago
-
Bill drafted to regulate veterinary sciences and animal welfare: Tanveer
3 hours ago -
General Motors lifts 2024 profit forecast after strong Q1
3 hours ago -
Pakistan aims to reach $3 trillion economy by 2047: Ahsan Iqbal
4 hours ago -
Digital technologies play significant role in economic growth: Shaza
4 hours ago -
Experts raise concerns over introduction of 10-stick packs
4 hours ago -
SACM directs making technical institutes as skill imparting centres
5 hours ago