South Korea Intends to Assert Its Trade Rights in the WTO

Forex News

South Korea will challenge the introduction of US tariffs on washing machines and solar panel at the World Trade Organization (WTO), since this measure has been recognized as violation of the WTO agreement. South Korea's Ministry of Trade, Industry and Energy stated that it sent its request for bilateral consultations from the US to begin the dispute settlement process.

Also, the government of South Korea intends to respond to unscrupulous import restrictions, adopted by the country's main trading partners against South Korean companies.

In February, US President Donald Trump imposed the tariff for imported washing machines and solar panels to protect American manufacturers. Last month, South Korea announced its intention to suspend tariff subsidies for US imports of $480 million after US tariff measures against South Korean imports.