SEOUL, May 21 (Korea Bizwire) — The U.S. Commerce Department has decided to further lower its tariff on cold-rolled steel products by South Korea’s top steelmaker POSCO, industry sources said Tuesday. According to the sources, the U.S. government recently decided to impose a 3.23 percent tariff on cold-rolled steel sheets produced by POSCO, down from [...]
SEOUL, Mar. 9 (Korea Bizwire) — South Korean steel exports to the United States will take a big hit from Washington’s move to slap heavy tariffs on imported steel, local industry sources said Friday. Defying threats of retaliatory measures from major economies, U.S. President Donald Trump signed orders imposing 25 percent tariffs on steel imports, [...]
SEOUL, Sept. 5 (Korea Bizwire) — While the alleged development of a hydrogen bomb by North Korea is keeping the military on alert, Donald Trump’s allusions to a possible termination of the Korea – U.S. Free Trade Agreement is keeping the nation’s economy in a similar state. In the latest stream of news either decrying [...]
SEOUL, April 28 (Korea Bizwire) – The three-year-old free trade agreement with Vietnam will allow South Korean companies to further increase their auto, steel and petrochemical exports on tax removal or cuts, customs experts said Thursday. In a seminar held at the Korea Chamber of Commerce and Industry (KCCI) in central Seoul, customs experts called [...]
WASHINGTON, March 31 (Korea Bizwire) — U.S. President Donald Trump will sign an executive order directing a comprehensive review of major sources of trade deficits, officials said, as they named South Korea one of the 16 countries the U.S. runs large deficits with. The executive order calls for the Department of Commerce and the U.S. [...]
SEOUL, March 17 (Korea Bizwire) – South Korea’s agency handling trade remedies said Friday that it has decided to extend the current anti-dumping tariffs imposed on some foreign stainless steel products by three additional years. The Korea Trade Commission said it will ask the finance ministry to continue to slap anti-dumping tariffs of 3.56 to [...]
SEOUL, Jan. 25 (Korea Bizwire) – South Korea’s auto exports to the United States fell for the first time in seven years last year amid concerns that the Trump administration may take protectionist measures on vehicle imports, industry data showed Wednesday. According to the data compiled by the Korea Automobile Manufacturers Association, automakers here shipped [...]
SEOUL, Dec. 22 (Korea Bizwire) – The Ministry of Agriculture, Food and Rural Affairs announced Wednesday that it is importing 116,000 tons of rice – 25,000 tons for consumption and 91,036 for processing – to fulfil its WTO-regulated annual tariff-rate quota of 487,000 tons of rice. South Korea was given a 20-year grace period for [...]
SEOUL, June 23 (Korea Bizwire) – Due on July 1, the fifth anniversary of Korea-EU FTA, the tariff rates on certain Europe made vehicles will be reduced, making the already strong player in Korea even more competitive. According to the Ministry of Trade, Industry and Energy on June 22, the custom tariff on European vehicles with [...]
SEOUL, Sep. 11 (Korea Bizwire) – A proposed free trade agreement between the Republic of Korea and Canada has received a green light from South Korea’s Cabinet council on September 11, making the parties draw one step closer to the full-fledged trade exchange with less or no tariffs between the two countries. Korea’s Cabinet on [...]