【Good news】 Korea-san, US retaliation allowance of 84.81 million dollars a year

A way for Korea to grant "retaliatory tariff" of US $ 84.81 million every year to the United States was opened. On Wednesday, the World Trade Organization (WTO) decided that South Korea can suspend US $ 84.81 million (about 9.3 billion yen) of concessions on US-made imports. Those that reimburse the tariff that lost or reduced concession suspension. If the importing country does not fulfill the judgment, the WTO makes it possible to impose customs duties on the importing country by the extent that the exporting country has been affected. The decision of the WTO this time adjusted the positions of Korea and the US against the amount of suspension of concessions. Prior to this, the United States sometimes failed to withdraw tariffs on Korean made washing machines while losing in the WTO dispute in September 2016. In response, South Korea requested the WTO to terminate the $ 711 million annual concession against the United States in January last year. However, the United States raised an objection to the amount of filing suspension application for Korea, and the WTO arbitral tribunal heard the positions of both countries and calculated the final amount of 84.81 million dollars per year. This is the 11.9% level of the amount initially claimed by the Korean government. According to the Ministry of Industry and Trade Resources Department officials, the application amount is the maximum possible damage amount, and in the past cases the final amount is usually decided at the level of 1 to 50% of the application amount. Together, the Judicial Affairs Division also found grounds for additional suspension of concessions due to export scale and tariff rate etc. when applying to another Korean export goods without amending the anti - dumping investigation technique which the US became a problem in the future. To the contrary, the Korean government again applies the suspension of concession to the WTO based on the arbitration amount decided this time, and then informs specifically on what items the customs duty is applied to what item. However, the Korean government does not know whether imposing tariffs soon enough to stimulate the United States as it only has to consider the possibility of US tariff imposition. Meanwhile, in February 2013 the United States imposed anti-dumping and countervailing duties on washing machines Samsung Electronics and LG Electronics produced and exported in South Korea. South Korea filed suit against the WTO in August 2013, considering that the tariff rate has been inflated by the US with the tariff imposition system banned by anti-dumping agreements. In September 2016, the WTO decided to prevail in Korea. However, the United States did not withdraw tariffs until December 26, 2017 which is the decision performance period. By allowing the WTO to apply for suspension of concession in South Korea, South Korea can apply for suspension of concession every year until the US fulfills the judgment. * Some excerpts from the link below. Continue at source https://headlines.yahoo.co.jp/hl?a=20190210-00000006-cnippou-kr
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