Study: Korea will lose in U.S.-China trade warKorea may be hit hardest if the United States turns up the heat on China over trade issues as Seoul vies fiercely with Beijing for a bigger slice of the U.S. market, a report said Tuesday.
The Korea International Trade Association (KITA) claimed in the report that Washington has singled out China for tougher import restrictions, which is resulting in greater import regulation risks for Korean products.
KITA based its assessment on the U.S. administration’s “too many” antidumping investigations into Korean products, compared to Seoul’s share of the American import market.
“Washington has recently started antidumping probes into 16 imports from China and 12 into Korean products, though Beijing boasts a U.S. market share six times larger than that of Seoul,” KITA said.
In a recently published report, the Peterson Institute for International Economics also said that Korea will likely take the biggest hit from the materialization of U.S. import restrictions that are now under investigation.
Last year, nearly 8 percent of U.S. imports from Korea were subject to various restrictions, but the portion could soar to more than 12 percent if ongoing antidumping investigations turn into new regulations, the think tank estimated.
KITA attributed the expanding risk to intense competition with China for the U.S. market. YONHAP