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The U.S. Commerce Department improperly calculated some antidumping and countervailing duties on Korean goods, a World Trade Organization dispute panel report determined on Thursday, handing the Biden administration its first WTO conundrum.
The government said it would “revise regulations to meet the requirements on sanitary, fisheries subsidies, digital trade and state-owned enterprises.”
Korean President Moon Jae-In said on Tuesday that the country would consider joining CPTPP.
Nigeria’s Ngozi Okonjo-Iweala was named on Wednesday as the director-general candidate with the widest support, but her appointment remains in question after the U.S. told members it could not join the consensus for her to lead the WTO, according to a source in the room and other reports.
While plurilateral agreements are an important tool in securing new rules at the World Trade Organization, members should work to “multilateralize” them eventually or risk further fragmentation, Korean Trade Minister Yoo Myung-hee, a candidate for director-general, said on Tuesday.
If the World Trade Organization is like a tea bag, to paraphrase an old adage, its strength can be gauged only once it is in hot water -- and the water in Geneva is boiling.
Korean Trade Minister Yoo Myung-hee, a candidate to lead the World Trade Organization, says she knows how to close a trade deal. With the biggest trade deal of them all -- the World Trade Organization -- on the brink, Yoo believes the only way forward is to prove the beleaguered institution can build on successes on its way to reform.
The three director-general candidates to speak to World Trade Organization members on Thursday leaned heavily on their trade and political experience in making the case for their bids to lead the organization out of its crisis.
The U.S. on Monday backed Japan’s invocation of the World Trade Organization national security exception in a dispute with South Korea over semiconductor materials. The U.S. has cited the same provision in challenges to its steel and aluminum tariffs.
The in-quota tariff for rice exports to Korea will be 5 percent and the out-of-quota tariff will be 513 percent.
Citing negotiations with foreign auto companies, Commerce Secretary Wilbur Ross on Sunday said he hopes those talks will “bear enough fruit” so the U.S. does not have to put potential Section 232 measures “fully into effect.”
The U.S. says Korea is failing to abide by the deal's environment chapter by not enforcing the rules of the Commission for the Conservation of Antarctic Marine Living Resources.
“Because that activity may not be visible publicly doesn't mean it's not happening.”
South Korea has challenged export restrictions imposed on Seoul by Japan at the World Trade Organization, escalating an ongoing trade tension between two major U.S. trading partners while the U.S. largely sticks to the sidelines.
Under pressure from the U.S., South Korea is preparing to abandon its status as a developing country at the World Trade Organization, the government said on Wednesday.
South Korean Vice Foreign Minister Lee Tae-ho was set to meet with Assistant Secretary of State for East Asian and Pacific Affairs David Stilwell and Under Secretary of State for Economic Growth Keith Krach.
South Korean Vice Foreign Minister Lee Tae-ho was set to meet with Assistant Secretary of State for East Asian and Pacific Affairs David Stilwell and Under Secretary of State for Economic Growth Keith Krach.
A U.S. official on Wednesday called for Japan and Korea to do some “soul searching” amid flaring tensions between the two countries, while Japan on Thursday approved its first export licenses for chemicals used in tech products headed to South Korea after imposing export restrictions last week.
While an escalating trade fight between Japan and South Korea is already affecting U.S. supply chains, the Trump administration has yet to show definitively whether it plans to intervene -- though industry officials and analysts say they would like to see the U.S. do so.
The request will be heard at a special DSB meeting on Aug. 9.