Wednesday , December 12 2018
Breaking News
Home / International Customs / Korea / South Korea to suspend tariff concessions on U.S. imports
South Korea to suspend tariff concessions on U.S. imports

South Korea to suspend tariff concessions on U.S. imports

SEOUL: The World Trade Organization (WTO) said Friday that South Korea is to suspend tariff concessions on certain goods from the United States due to tariffs imposed by Washington on solar cells and washing machines responsible for around 1.4 billion U.S. dollars in annual trade.

“The Republic of Korea notifies the Council for Trade in Goods that it has decided to suspend substantially equivalent concessions and other obligations under the General Agreement on Tariffs and Trade 1994 to the trade of the United States,” a WTO notice said.

The measures are in response to U.S. safeguard measures against imported solar cells and residential washers, according to WTO official documents filed in Geneva by South Korea, notifying that its measures apply to “equivalent concessions” which are not yet named.

The U.S. administration decided in January to impose tariffs of up to 50 percent on imported washers for the next three years, and up to 30 percent on solar cells and modules for the next four years.

In its documents, South Korea said the U.S. measures affect almost 304 million dollars in washing machine products on which Washington collected 152 million dollars in duties in 2017, and 1.1 billion dollars of solar panel imports which accrued duties to the Americans of 330 million dollars in 2017.