Protectionism Led by the US
With the US presidential election early November, the US’s regulations on imports are on the rise, making it necessary for related Korean companies to reinforce their monitoring.
“With US companies’ voices rising for regulations on imports before the US presidential election, the US expanded import regulations, taking the initiative in worldwide protectionism,” the Korea International Trade Association (KITA) said in a report titled “Spread of Protectionism and Korea’s Responses” on October 9.
As of the end of 2015, Korea was subject to 98 anti-dumping regulations of 17 countries. Developed countries accounted for 42.9% or 42. This means the number nearly doubled from 20 (23.2%) five years ago.
In particular, because of continuing and strengthening regulations on steel products, anti-dumping regulations on Korean steel and metal products accounted for 48% or 47, nearly half at the end of 2015.
By country and industry, the US regulated 15 Korean items, 12 of which were steel and metal products. Steel and metal products were eight of nine items regulated by Australia. Canada controls steel and metal products as seven of its eight regulated items. This indicates that many of such regulating countries are developed countries.
“Korea still ranks second after China among countries subject to import regulations,” the KITA explained.