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S. Korean Washer Parts Fill US Quota, Will be Subject to 50% Tariffs

Written: 2018-07-29 13:02:24Updated: 2018-07-29 14:17:11

S. Korean Washer Parts Fill US Quota, Will be Subject to 50% Tariffs

South Korean washing machine parts will be subject to 50 percent tariffs imposed by the United States as they filled their annual export quota for this year.

According to the U.S. Customs and Border Protection (CBP), South Korean companies had shipped parts for 49-thousand-963 washing machines as of last Monday, which is 99-point-93 percent of the 50-thousand washing machines it can ship without paying duties under the U.S. safeguard measures.

Under the safeguard action that took effect on February 7th, a 50 percent tariff will be levied on excess quantities of imported washing machines beyond one-point-two million in the first year, as well as parts exceeding the tariff rate quota of 50-thousand.

Samsung Electronics and LG Electronics, which ship washing machines and parts to the key North American market, had earlier asked for an exception on parts, but the request was turned down.

According to the CBP findings, South Korean companies exhausted 43-point-seven percent of its quota for complete washers by selling 524-thousand-408 machines so far this year.

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