Trade Cases
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South Korea Concedes, Avoids Tariffs
Written by Sandy Williams
March 27, 2018
The U.S. and South Korea have reached an agreement on amendments to the KORUS agreement. In return for exemption from Section 232 tariffs, Korea will reduce its steel exports to the U.S. by 30 percent to 2.68 million tons annually.
In addition, Korea agreed to increase automotive imports from the U.S. to 50,000 vehicles per U.S. manufacturer from the 25,000 vehicles currently permitted. The imports will meet U.S. safety standards, and not necessarily Korea’s stricter environmental and safety standards.
Another change may quash plans by Korean auto manufacturer Hyundai to introduce a truck model in the U.S. South Korea has agreed to a 20-year extension of the phase out of a 25 percent tariff on trucks. Under the existing agreement, the tariff would have ended in three years; the new agreement will extend the termination of the tariff until 2041.
Treasury Secretary Steve Mnuchin said the strategy of using the tariffs as leverage in the negotiations worked, calling it an “absolute win-win.”
South Korea remained firm on its agricultural tariffs. Korea’s trade minister Kim Hyun-chong stressed during a press conference that “there will be no further opening of agricultural markets and no changes to the tariffs that had already been lifted.”
The deal was viewed as the best that South Korea could hope for, but more trade pressure is likely from the Trump administration.
“If President Trump becomes a two-term president … I believe there will be continuous (trade) risks during that time,” Trade Minister Kim said.
“This leaves a bad precedent of exchanging steel tariffs – which is a breach of international trade law – for a legitimate free trade agreement, in negotiations,” said Wonmog Choi, professor of law at Ewha Womans University, in a comment to Reuters.
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Sandy Williams
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Leibowitz: The consequences of a new barrage of trade cases on coated steel
Domestic steel producers and the United Steelworkers (USW) union filed a barrage of trade cases last week. This is hardly news. Ever since the Commerce Department ruled that Vietnam is still treated as a nonmarket economy (NME) for antidumping purposes, many in the business expected new cases on the product that Vietnam excels at—“corrosion-resistant steel.” Nor is it a surprise that these cases roped in nine countries in addition to Vietnam: Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, and the United Arab Emirates. All these countries rank in the top ten exporters of corrosion-resistant steel to the United States. These petitions are a broadside against coated flat-rolled steel imports.
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Coated trade case alleges hefty dumping margins
Domestic mills have alleged substantial dumping margins in the trade case targeting imports of corrosion-resistant steel.
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US mills file sprawling trade case against coated imports from 10 nations
US mills have filed or soon will file a sprawling trade petition against imports of coated flat-rolled steel from 10 countries. The petition seeks anti-dumping margins against Canada, Mexico, Brazil, the Netherlands, Turkey, the United Arab Emirates, Vietnam, Taiwan, Australia, and South Africa. It also seeks countervailing duty margins against Canada, Mexico, Brazil, and Vietnam. That’s according documents dated Sept. 5 and addressed to Commerce Secretary Gina Raimondo and International Trade Commission (ITC) Secretary Lisa Barton.
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Steel Summit 2024: Trade issues abound ahead of election
Trade is always front and center in an election year. And 2024 is no different. There is no shortage of issues, with questions like the sale of U.S. Steel to Japan’s Nippon Steel, potential cracks in the USMCA, and Chinese overcapacity dominating the headlines. But how do you distinguish between issues that might just last until November, and what are the crucial questions that could affect your business for years to come?
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US senators urge reduction to S. Korean OCTG quota
https://www.brown.senate.gov/newsroom/press/release/sherrod-brown-casey-fetterman-biden-administration-level-playing-field-american-octg-industry