Yonhap news agency, January 12, South Korea's Ministry of Trade said the South Korean government raised objections to protective tariffs on imported steel products from the European Union and demanded compensation for the losses.
On Friday (12 January), a delegation from the Ministry of Trade, Industry and Energy of Korea expressed its opposition to EU protective measures at a bilateral meeting held in Brussels. According to the measure, the 23 categories of steel exported to the EU by South Korea will face 25% import protection tariffs if they exceed the average value from 2015 to 2017.
The European Union said that earlier this year, the United States imposed tariffs on foreign imports on national security grounds, causing steel prices to soar. The measure is intended to protect the domestic steel industry from impact and will take effect on February 2.
The South Korean delegation said that EU import protection measures were inconsistent with the relevant provisions of the World Trade Organization (WTO) and caused losses to local steel enterprises. South Korea's Ministry of Transport said that if the European Union did not agree with the Korean government's claim for compensation, South Korea would actively seek other countermeasures.
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