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소아쌤

US import restrictions targeting China hurting S. Korean companies: KITA

By Yonhap

Published : Jan. 28, 2018 - 14:18

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US import restrictions targeting Chinese goods are hurting South Korean companies in the key North American market, an international traders organization in Seoul said Sunday.

The latest report by the Korea International Trade Association outlining important trade issues with the United States in 2018 said South Korea, which has a similar industrial structure to China, the world's No. 2 economy, is being subject to the same type of import restrictions as those being slapped on Chinese goods.

"Under ordinary circumstances, if Washington slaps higher duties on Chinese goods, South Korean goods could fill the vacuum left to expand market presence but now, such moves are leading to trade disputes," KITA said.

(Yonhap) (Yonhap)

The United States is one of South Korea's top export markets along with China and Vietnam.

KITA said that anti-dumping measures and countervailing duties in particular are being instigated by private companies that are in direct competition to South Korean businesses, and this is causing an upswing in claims being made.

The assessment said that both South Korea and the United States are facing important elections this year that will invariably lead to higher political pressure being exerted in the ongoing free trade agreement renegotiation talks currently under way.

Seoul has a regional election on June 13, while the US has a midterm race on Nov. 6.

"Seoul is effectively on the defensive on the FTA talks that will make it that much harder," the association said.

It said that the administration of President Donald Trump aims to use the FTA talks to help create more US jobs and reduce the trade deficit so it will be hard to reach a so-called balance of interests.

The free trade pact that went into effect in March 2012 has caused a rise in two-way trade that benefits both countries, although it has led to a rise in South Korea's trade surplus.

"The goal of the talks should be to permit Washington to reflect its broader goals while limiting fallout for local firms through compromise," KITA said.

It then warned that the US may use trade remedies, such as adverse facts available and particular market situation clauses, to hurt South Korean companies. The organization said that Washington may start targeting specific industries through the United States Department of Commerce. (Yonhap)

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