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`Restrictions on Korean Steel Imports to U.S. Are Wrong`

`Restrictions on Korean Steel Imports to U.S. Are Wrong`

Posted September. 03, 2001 08:05,   


Reports on September 1 say that the WTO decided that U.S. safeguard restrictions on Korean steel pipe products violate WTO agreements and will formally take measures to correct it.

Informed circles reported that in a provisional report today, the divided WTO panel announced its decision on Korea`s formal appeal on the U.S. emergency import restriction measures filed last June.

The U.S. implemented its 3 year emergency import restriction measure on March 1, citing the threat that the greatly increased import of steel pipes posed to domestic production as its basis. The measure will charge a 19 percent added tariff on steel pipe imports over 9000t in the first year, and 15 and 11 percent on the second and third year respectively.

However, the WTO panel did not admit Korea`s argument that the U.S.`s exemption of Canada and Mexico from the restriction measure and imposition of the tariff on developing nations whose imports are under 9 percent of the total amount violates the WTO agreement regulations.