Martial Arts Report
The Korea International Trade Association announced on the 10th that it had published a report titled, “The Contents and Impact of the Strengthening U.S. Protectionist Measures Ahead of the Presidential Election.”
The Biden-Harris administration is introducing a series of policies to protect domestic strategic industries such as steel, aluminum, automobiles, batteries, and solar energy, along with strengthening import restrictions.
Former President Donald Trump is also foreshadowing stronger measures than his first term, with pledges such as a 10% universal tariff and a 60% tariff on Chinese goods.
In the United States, ahead of the November presidential election, the protectionist trend targeting China is growing stronger, regardless of whether it is a Democratic or Republican party, and this could have an impact on our companies as well, according to Martial Arts.
Recently, the U.S. government has been strengthening import restrictions, including designating Korea as a destination for indirect exports of Chinese products.
The number of new import restrictions that the U.S. initiated investigations for the 12 months from the second half of 2023 to the first half of this year is 107 in total. This is the highest number ever recorded in 2020 (120 cases).
The U.S. Department of Commerce has strengthened anti-dumping and countervailing duty regulations in April 2024, providing grounds for imposing higher tariff rates on companies under investigation.
Here, the Section 301 tariffs on key sectors such as electric vehicles, batteries, solar energy, and key minerals were raised by up to 100%, and measures to re-impose Section 232 tariffs on products not manufactured in North America were also announced.
In addition to Chinese-made cars, it is expected that third-country manufactured vehicles using Chinese parts and software will also be subject to regulation.
Han Areum, a senior researcher at the Korea Institute of International Finance, said, “Most of the U.S.’s protectionist trade measures are targeting China, but our companies should also be aware of unexpected impacts.”
(Seoul = News 1)
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2024-09-11 05:11:41