The South Korean Trade Organization said on February 6th that it involved more South Korea’s import restrictions than any other country’s implementation. This is evidence that the United States is exerting more trade pressure on its allies.
According to the News Agency reported on February 6, the South Korean International Trade Association (KITA) said that South Korea currently faces 196 import restrictions in other countries and regions of the world, of which the United States has reached 40, ranking first.
Among the total restrictions imposed by the United States, 30 are anti-dumping investigations, and the number of countervailing duties and trade protection measures is 8 and 2 respectively.
From the perspective of product classification, steel and metal products face the most import restrictions (28 items), followed by electronic products (5 items). The remaining measures are targeted at chemicals and textiles.
KITA believes that the U.S. has imposed so many trade restrictions on South Korea because South Korea’s industrial structure is similar to that of China and said that most of these U.S. restrictions that affect South Korean products are aimed at China.
Another reason is that the competition between South Korean and American companies in some industrial fields has become increasingly fierce. KITA said: “Washington has imposed anti-dumping and countervailing duties in most cases at the request of private companies. The number of petitions from Korean companies’ competitors has been increasing.”
KITA predicts that the Donald Trump administration will continue to implement trade protectionism this year and said that the United States may expand the scope of import restricted products.
The organization also said that as of February 5, India was the second country with more trade restrictions on Korean goods (29 items), followed by China and Turkey (all 14 items).