South Korea to suspend tariff concessions on EU goods


0

South Korea is slated to suspend tariff concessions on European Union products in response to the EU’s safeguard measures on Korean steel products, according to the government Tuesday.

The Ministry of Trade, Industry and Energy said it “notified the World Trade Organization about suspending tariff concessions on EU goods valued at about 56.8 million euros ($63.6 million).” 

(Yonhap)

The amount is the estimation of additional tariffs imposed on Korean steel products in the wake of the EU safeguard measures, which is an action to protect a specific domestic industry from an increase in imports.

For the timeframe of the suspension, the Korean government plans to take measures after considering overall conditions at home and abroad.

The notification to the WTO came as the Korean government failed to reach an agreement with the EU after calling for compensation for damages inflicted on Korean firms.

In February, the EU had decided to impose a 25 percent tariff on volume exceeding a quota for 26 steel products. Steel products produced by most Korean steelmakers, including Posco, Hyundai-Steel and SeAh Steel, have been subject to the tariffs.

The EU claimed the decision came in response to protectionism policies rolled out by the US, which caused steel producers to look to the European market as an alternative. 

By Shin Ji-hye (shinjh@heraldcorp.com)


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format