S. Korea appeals WTO ruling on its tariffs on Japanese steel

27-Jan-2021 Intellasia | Mainichi | 7:22 AM Print This Post

South Korea has appealed a World Trade Organisation panel decision against the country’s extended imposition of an antidumping tariff on Japan-made stainless steel bars, the panel said Monday.

South Korea notified the WTO dispute settlement panel of its decision on Friday, the WTO said. Tokyo had urged Seoul to remove its antidumping duties on Japan-made steel following the panel’s finding on the matter in late November.

On November 30, the WTO panel ruled that Japanese-made steel bars are priced higher than those made by South Korean manufacturers, siding with Tokyo’s claim that the imported products cause no harm to the domestic industry.

Noting that there is a “large volume” of Chinese products already on the market at a “low price,” the panel called on South Korea to take remedial measures based on the decision.

South Korea started imposing a 15.39 percent tariff on Japan-made stainless steel bars in July 2004 and decided to extend the measure for the third time in June 2017, prompting Japan to lodge a complaint with the WTO in June 2018.

South Korea’s antidumping duty on Japanese stainless steel bars, used to make bolts, nuts and valves for machinery and cars, totalled about 6.9 billion yen ($66 million) by the end of 2019, according to Japan’s Ministry of Economy, Trade and Industry.

Japan’s annual exports of stainless steel bars to South Korea have dropped significantly since the imposition of antidumping duties.

A country is allowed to impose an antidumping tariff for five years when it judges that an imported product is priced at an artificially deflated level compared with its home market. Such a measure can be extended as an exception if it is feared that lifting it would hurt domestic industry.

https://mainichi.jp/english/articles/20210126/p2g/00m/0in/018000c

 

Category: Korea

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