{"id":30050,"date":"2018-01-23T07:28:53","date_gmt":"2018-01-23T12:28:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30050"},"modified":"2018-01-23T07:28:53","modified_gmt":"2018-01-23T12:28:53","slug":"china-south-korea-vow-retaliation-in-trump-trade-war","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30050","title":{"rendered":"China, South Korea Vow Retaliation In Trump Trade War"},"content":{"rendered":"
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China, South Korea Vow Retaliation In Trump Trade War<\/a><\/span><\/h3>\n<\/div>\n
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When we reported earlier today\u00a0 <\/a>that President Trump lobbed the first real shot in the global (but mostly Asian) trade war when the White House announced it would slap imported solar cells and washing machines with up to 50% tariffs – Trump’s most significant trade action to date, taking direct aim at China and South Korea (full details here<\/a>)- we said that “we now await China’s (or South Korea’s) response<\/strong>…”<\/p>\n

We didn’t have long to wait.<\/p>\n

South Korea stormed out of the gate, with Reuters <\/a>reporting that it will complain with the WTO against the U.S. for imposing anti-dumping duties on Korean washing machine and solar panel makers, a decision Trade Minister Kim Hyun-chong called \u201cexcessive\u201d and “regrettable.” Kim warned that the US safeguard decision is “excessive” and violates WTO provisions.<\/p>\n

As a reminder, the United States will impose a 20 percent tariff on the first 1.2 million imported large residential washers in the first year, and a 50% tariff on machines above that number. The tariffs decline to 16% and 40% respectively in the third year.<\/p>\n

“The United States has opted for measures that put political considerations ahead of international standards<\/strong>,\u201d Kim said in a meeting with industry officials on Tuesday. “The government will actively respond to the spread of protectionist measures to defend national interests,” he said.<\/strong><\/p>\n

South Korea will also consider discussing steps jointly with other countries subject to the imposition, the trade ministry said, meanwhile the South Korean government said it would help Samsung and LG in finding alternative markets for the sale of washing machines.<\/p>\n

Additionally, Bloomberg reports that South Korea will also seek to retaliate in kind by reinstating tariffs on the U.S. in what has been dubbed the “Washing Machine” row. <\/strong>To do that, South Korea asked the World Trade Organization to approve suspension of trade concessions, the trade ministry says in an emailed statement.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

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China, South Korea Vow Retaliation In Trump Trade War When we reported earlier today\u00a0 that President Trump lobbed the first real shot in the global (but mostly Asian) trade war when the White House announced it would slap imported solar cells and washing machines with up to 50% tariffs – Trump’s most significant trade action […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,7844,683,740,18093,805,4311,827,877,6404,896],"class_list":["post-30050","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-donald-trump","tag-reuters","tag-south-korea","tag-tariff","tag-trade","tag-trade-wars","tag-united-states","tag-white-house","tag-world-trade-organisation","tag-wto"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30050"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30050\/revisions"}],"predecessor-version":[{"id":30051,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30050\/revisions\/30051"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}