Kim Dong-yeon `G20`-Kim Hyun-jeong `US congressㆍadministration`…US to battle for trade pressure decrease
Kwon Dae Gyung | kwon213@ | 2018-03-14 11:16:55

The government is planning a `two-track` strategy to put pressure on high-intensity commerce, such as imposing a 25 % tariff on Korean steel products. Kim Dong-yeon, the deputy prime minister of the economy, is on the agenda of the G20 finance ministers meeting in Argentina this weekend, and Kim Hyun-chong, the trade negotiator, will meet with the US administration and parliamentarians in the United States to explain Korea`s position. In fact, this weekend and the beginning of next week are expected to be a major turning point for the resumption of normal pressures from the US.

According to the Ministry of Strategy and Finance and the Ministry of Commerce, Industry and Energy, on March 13, Kim will head to Argentina for the G20 finance ministerial meeting on the 16th. Kim will hold bilateral talks with US Treasury Secretary Stephen Moussaint at the G20 meeting to discuss trade issues. Steel tariffs will be the first to be discussed, and renegotiation of the Korea-US Free Trade Agreement (FTA) is likely to be mentioned.

Mr. Kim emphasized, "We will actively advance our position in line with the diplomatic, security and trade channels," and added, "In the face of the imposition of US tariffs, In particular, at the G20 finance ministerial meeting, diplomatic and security issues such as the South-North summit and the North American summit were tied to economic problems, but they were jointly established with the European Union (EU) and Japan, It is a policy to concentrate.

However, given the heightened conflict between the US and the EU, it is unlikely that Kim will make more strategic decisions in the process of contacting the United States.

At the same time, in the United States, General Kim heads his arm. Kim is on his third trip to the United States on this day, and he starts to persuade him with more specific grounds.

Especially, Kim will focus on the fact that the Korean steel industry is investing USD 5.7 billion in the US to create 32,000 jobs, and he plans to present counterinspiration data on the concerns raised by the US on transshipment of Chinese steel. During the last two visits, Kim met with US Trade Representative Lt. Wright and US Treasury Secretary Orin Hatch, who are expected to make contact with senior officials, including them.

Experts expect that a joint front with the international community and major nations will be effective in negotiations with the United States. Professor Chung In-kyo of Inha University said, "The government should inform the multilateral meeting such as the World Trade Organization (WTO) and the G-20 that the US is unfair to trade pressure and look for common countermeasures."

It is difficult to optimize. However, it is the government`s judgment that it is not without hope. In particular, it is noteworthy whether the judgments of the US International Trade Court (CTI) will be favorable. In a lawsuit filed by POSCO against the US government on Oct. 8, CTI announced that it had ordered the Commerce Department to issue a redemption order for a countervailing duty that applied "AFA". I have banned the use of AFA, the antidumping investigation technique of the Department of Commerce. This is because the CTI has helped our industry claim that the AFA abuse claims by the Department of Commerce. Meanwhile, President Trump`s signed bill on imports of steel (25 %) and aluminum (10 %).

Sejong= By Kwon Dae GyungㆍPark Jong-il kwon213@

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