Global Trade Barriers Rising against S. Korea

Trade barriers against South Korea are rising across the world in the wake of the trade war triggered by the United States.

According to a recent report from the Korea International Trade Association, a total of 202 import restrictions are in effect in 27 countries as of July 2. For reference, the number was 198 on April 4 this year and 174 at the end of January 2015.

Five new investigations were initiated and one restriction disappeared during the past three months. For example, India initiated an anti-dumping investigation on South Korean epoxy resin and EVA sheets while Canada initiated anti-dumping and countervailing duty investigations regarding cold-rolled steel. Turkey launched a safeguard investigation on steel products, too.

During the same period, seven new import restrictions were put into effect. Those include U.S. anti-dumping tariffs on carbon and alloy steel wire rods, Japan’s tariff on pipe connectors, Mexico’s on seamless steel pipes, Pakistan’s on polyvinyl chloride, and China’s on styrene. The Gulf Cooperation Council implemented safeguard measures on coated steel sheets as well.
 

Iron and metal products account for 47% of the 202 import restrictions, followed by chemical products (61 restrictions), textile (13), electronic and electrical (10), and the others (23). Compared to April, the number increased by three in the steel sector and two in chemical while decreasing by one in textile. The 202 restrictions include 40 imposed by the United States, 29 by India, 16 by Turkey, 15 by China, 11 by Brazil and 10 by Canada.