South Korea blasts US gov‘t-imposed tariffs

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(FinancialPress) — South Korea has formally filed a complaint against the new tariffs imposed by the Trump administration on imported washing machines to the World Trade Organization.

The complaint, filed in Geneva on Wednesday, states that “Korea considers these measures to be inconsistent with the United States’ obligations.”

South Korean manufacturers Samsung (SSNLF) and LG will take considerable hits from the new tariffs, which start at 20% on large residential washing machines.

Seoul‘s expected decision to fight off the tariffs is but another sign of the growing tensions between the U.S. and its major trading partners – even some of their close allies.

China respalds South Korea‘s plea, which also reach imported solar panels.

President Trump told CNN that he came with a message of “peace and prosperity“ as he arrived at the World Economic Forum in Davos, Switzerland on Thursday.

Analysts, however, believe that the tariffs are but the beginning of more trade restrictions – and the suspicions have been backed by U.S. officials‘ hints.

Wilbur Ross, Commerce Secretary for the U.S. government stated: “Many countries are very good at the rhetoric of free trade, but actually practice extreme protectionis. That is a problem with which the president is quite determined to deal.”

Ross pled attendees of the World Economic Forum to look at the tariffs from a different perspective – and said that claims that the U.S. aimed to erect new trade barriers were false.

“We would like to be the leader in making the world trade system more fair, and more equitable to all of the participants,” Ross said. “It’s not a lack of leadership.

 

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Ruben is a South American writer who focuses on the state of the cryptocurrency, cannabis and tech industries worldwide.

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