Aug 26, 2014

U.S. Imposes Steel Tariff on Korean Imports

An article in the Wall Street Journal notes an issue that will increase tension between the U.S. and Korea.

We have handled matters against electronic companies and others leading exporters that led to the imposition of tariffs. We have worked on these issues with American law firms filing cases with the ITC.

Simply, Korea companies are dumping, many, products on the U.S. market.  Dumping does not need to be the selling of products at a loss.  Korean companies, rarely, sell products at a loss.  The issue in the dumping law, in short, is selling products below the price the product is sold in the home market.

Agreement on Implementation of Article VI of the General Agreement on Tariff & Trade notes that: "For the purpose of this Agreement, a product is to be considered as being dumped, i.e.  introduced into the commerce of another country at less than its normal value, if the export price of the product exported from one country to another is less than the comparable price, in the ordinary course of trade, for the like product when destined for consumption in the exporting country."

The Wall Street Journal article may be found at: Wall Street: South Korea Vows Action Against U.S. Steel Tariffs.

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Sean Hayes may be contacted at: SeanHayes@ipglegal.com. Sean Hayes is co-chair of the Korea Practice Team at IPG Legal.

He is the first non-.Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. He is ranked, for Korea, as one of only two non-Korean attorneys as a Top Attorney by AsiaLaw.