Against Safeguard Investigation
The Ministry of Trade, Industry & Energy of South Korea is planning to respond more actively than before to the trade pressure from the United States.
Last month, the U.S. government initiated safeguard investigations with regard to photovoltaic cell and module products imported from South Korea. A public hearing is scheduled for August before the final determination is made in the following month.
Whirlpool, in the meantime, has filed a petition for safeguard investigations concerning washing machines supplied by Samsung Electronics and LG Electronics. The U.S. International Trade Commission makes its decision on whether to initiate the investigations before the end of this month.
An anti-dumping investigation regarding polyester staple fibers started on June 1 with the commission’s preliminary ruling scheduled for next month. Polyester staple fibers account for only 0.8% of the total exports from South Korea to the U.S. However, the investigation may lead to import restrictions on other fiber products down the road.
Two months ago, U.S. President Donald Trump issued an executive order to find out whether steel products imported from countries like South Korea endanger the national security of his country. A probe is going on and the final conclusion will be available late this month. Import restrictions stricter than anti-dumping and countervailing duties may follow.
The South Korean government recently submitted a written opinion regarding this matter, saying that such import restrictions on steel products are predicted to lead to negative effects in terms of investment, industrial material supply, etc.