In a filing Tuesday with the World Trade Organization, South Korea said it is requesting that the US pay approximately $350 million in trade sanctions due to the US’ failure to comply with the recommendations and rulings of the WTO’s Dispute Settlement Body (DSB) regarding antidumping duties on OCTG.
After South Korea filed an objection to the tariffs, the US agreed in February 2018 to abide by the DSB’s recommendations and rulings within a 12-month period. The period was extended from January 12, 2019 to July 12, 2019. South Korea said in the filing that the US failed to implement the recommendations and rulings, and as such South Korea is “entitled by the DSB to suspend concessions or other obligations.”
Based on the available data, South Korea said the “annual level commensurate with the level of nullification or impairment of benefits to South Korea” is estimated at $350 million.” The sanctions will imposed by levying tariffs on US goods, which South Korea will provide in a list to the WTO “in due course.”