South Korea has begun steps to take retaliatory measures against the United States for imposing unfair anti-dumping duties on Korean washing machines.
According to the World Trade Organization(WTO) on Friday, the Seoul government requested a suspension in tariff concessions to allow for imposing retaliatory tariffs on U.S. exports to South Korea.
This comes after the U.S. failed to implement a ruling by the WTO's Dispute Settlement Body within a reasonable implementation period.
Seoul assesses that U.S. anti-dumping duties on Korean washing machines have caused losses of 711 million dollars in total and plans to levy this amount of tariffs on U.S. products.
South Korea's request for retaliatory tariff measures will be addressed during the Dispute Settlement Body's meeting scheduled for January 22nd.
But an actual approval is expected to come a few months later as the U.S. is likely to raise objection to the amount of tariff appraised by South Korea and request for the WTO's mediation.