US Keeps its Eye on Korean money flow

Home > Business > Economy

print dictionary print

US Keeps its Eye on Korean money flow

For the protection of their own businesses, the United States administration has been closely monitoring the Korean semi-conductor, automobile, and steel industries to determine whether or not the International Monetary Fund(IMF) bailout finance flows to these sectors, according to lawyer Kim Seok Han, active in the States.
He said on September 18 that the US has been operating a 'Special Team for the IMF Reform' to check Korea's IMF program process since July this year.
Among this team are representatives from finance, commerce, trade, and the state department. The team was assembled over concerns from the American congress and businessmen competing with Korea.
Kim asserted that the team is currently only examining the semi-conductor industry, however he could not rule out the possibility it might reach the automobile or steel sectors.
Keeping step with this movement, the recent economic chill between Korea and the US is growing colder. Recently the US administration has been urging the Korean government not to support a united LG-Hyundai semi-conductor company due to the astronomical debts both companies have. The team feels it is not acceptable for the merged company to receive any assistance from the Korean government.
The Department of Commerce recently accused LG-Hyundai semi-conductors of dumping and imposed a 3.95-9.28% margin which is the highest rate ever. Korean industries see this action as a way of gathering votes in the not too distant US elections.
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)