Late last month, the United States Department of Commerce imposed a preliminary anti-dumping duty of 40.8% on carbon and alloy steel wire rods imported from South Korea, almost quadrupling the tariff rate in just about one month. Last year, South Korea exported carbon and alloy steel wire rods worth
It has been found that the Tax Cuts and Jobs Act recently passed by the United States House of Representatives includes an excise tax of 20% applied to cross-border inter-subsidiary transactions by multinational companies located in the United States.The tax reform bill proposed by the Republican Pa
The U.S. government is urging South Korean automakers to increase their auto parts production in the United States, according to the recent delegation to the United States of the ruling Minju Party, including party leader Choo Mi-ae. Likewise, the U.S. government is trying to incorporate a ratio o
According to current laws, Internet companies in South Korea are classified as value added common carriers doing business by borrowing telecommunication line facilities from common carriers and subject to no extra regulation. The same is applied to Naver and Kakao as well as Google and Facebook.Unde
Hyundai Motor Group Vice Chairman Chung Eui-sun flew to the United States and Mexico on November 8 after his meeting with U.S. President Donald Trump on November 7. The vice chairman returned on November 11 after visiting Pittsburgh, Detroit, LA and Mexico. According to industry sources, his visit t
The Ministry of Land, Infrastructure & Transport of South Korea made a request for the U.S. National Highway Traffic Safety Administration’s authoritative interpretation in August this year on whether the tires of the Chevrolet Impala GM Korea imports from the U.S. are in compliance with the safety
U.S. President Donald Trump is scheduled to visit South Korea on November 7. The local business community, however, is feeling helpless with the South Korean government taking no action to make use of his visit with regard to KORUS FTA revision, which is currently the hottest issue in the bilateral
An exemption quota regarding vehicle safety standards is emerging as a hot issue related to KORUS FTA revision.“The U.S. is likely to demand an increase in the quota to at least 35,000 cars a year although no official request has been made yet,” said a South Korean government official, adding, “The
It has been found that South Korea’s beef imports from the United States totaled US$890 million for the first nine months of this year and U.S. beef and Australian beef accounted for 50.3% and 43.9% of the South Korean imported beef market during the period, respectively. For reference, the market s
On October 20, GM shut down its plants in Australia after 69 years of operation. Rumors are circulating that the same is likely to happen in the near future in South Korea.The crisis of GM Korea is closely related to GM’s withdrawal from the European and Russian markets. More than 70% of GM Korea’s
It has been found that the amount of capital invested in the United States by South Korea since the ratification of the KORUS FTA in 2011 totals US$76.4 billion whereas that invested in South Korea by the United States stands at US$24.9 billion.The former includes US$15.35 billion from the mining in
It has been reported that U.S. President Donald Trump is trying to sacrifice the KORUS FTA in place of the NAFTA with the latter being likely to remain valid.The Daily Beast reported on October 10 that U.S. National Trade Council (NTC) Director Peter Navarro recommended President Donald Trump to aim
The 29th annual U.S.-Korea Business Council Meeting took place in Washington D.C. on October 10 (local time). The atmosphere of the meeting was quite different from those of the previous ones with Qualcomm Chairman Paul Jacobs, who is the representative of the U.S. side, absent along with U.S. gover
On October 11, the Ministry of Trade, Industry, and Energy responded to U.S. threats of withdrawing from the U.S.-Korea Free Trade Agreement (KORUS FTA), stating, "The U.S. is not the only one who can use scrapping the FTA as a negotiation tactic.”Ahead of the pre-arranged parliamentary audit on Oct
South Korean Trade Minister Kim Hyun-chong remarked that the Donald Trump administration’s threat to cancel the KORUS FTA is realistic and imminent and the administration is likely to use the threat as leverage for a while.The minister had a press conference in Washington D.C. on September 27, sayin
The Ministry of Trade, Industry & Energy announced on September 23 that the second special session of the KORUS FTA Joint Committee takes place in Washington D.C. on October 4 (local time).Earlier, South Korean Minister of Trade Kim Hyeon-jong had a trade ministers meeting with U.S. Trade Representa
On September 22, the United States International Trade Commission (USITC) unanimously determined that safeguard measures are necessary with regard to solar cells imported from countries such as South Korea. The commission is going to prepare protective measures and recommend the measures to U.S. Pre
South Korea has found itself at a crossroads yet again. Those threatening its economy this time include Kim Jong-un’s sixth nuclear test, downward pressure on the country’s credit rating resulting from the provocation, debates over nuclear armament, China’s economic retaliation that has followed THA
There are growing concerns over the different voices of the two heads of the United States and South Korea with the North Korean threat escalating.“South Korea is finding, as I have told them, that their talk of appeasement with North Korea will not work.” US President Donald Trump twitted on Septem
On September 5 (local time), U.S. Chamber President and CEO Thomas J. Donohue issued the following statement in response to reports that the Trump administration is considering withdrawing from the U.S.-South Korea Free Trade Agreement (KORUS):The U.S. Chamber of Commerce opposes U.S. withdrawal fro