U.S. Could Step Up Import Regulations on Korea

12/01/2009 12:00 - 686 Views

The U.S. could impose various import regulations on Korea this year, a report speculates.

The report prepared by the Washington office of the Korea International Trade Association analyses U.S. trends. Titled "Prospects for U.S. Neo-Trade Protectionism in 2009," it warns Korean businesses and government to make thorough preparations for the incoming Obama administration imposing a variety of import regulations on Korea.

"In a recession, any country may attempt to make imported goods the scapegoat," it says. In 2009, an increasing number of (U.S.) companies will ask for import regulations, because it will be easy to prove the damage they do. Korea in particular could be a major target of such regulations alongside China.

The report adds, "Korea already ranks second in the world in terms of anti-dumping complaints (with the WTO). Under these circumstances, the country can be an easy target for such complaints," it added. It also expresses fears that U.S. companies will complain about Korea to exaggerate the damage when they file complaints against China.

The report speculates that Korea's major industries, such as iron and steel, shipbuilding, and semiconductors, could be targets of complaints for imposition of countervailing duties.

(englishnews@chosun.com)

Updated Jan.9,2009 07:49 KST

Source: english.chosun.com