Seoul may impose tariffs on steel bars
South Korea may impose tariffs on stainless steel bars from Japan, India and Spain, and lithium battery imports from the U.S. and Japan, after a Seoul trade body said the products are being sold at lower prices here than in their home markets.
The Korea Trade Commission has made final rulings on the products and will ask the Finance Ministry to introduce tariffs, the Ministry of Commerce, Industry and Energy said in a statement.
"The Finance Ministry will soon decide on details of the tariffs, including timing,'' the statement read.
Korea may slap duties of 15.39 percent on stainless steel bars from Japan and Spain, and a tariff of between 5.11 percent and 15.39 percent on those from India over the next five years, the Commerce Ministry said. Imports of the bars accounted for 21.7 percent of Korea's 117.3 billion won ($102 million) market last year. South Korea may impose duties of 18.19 percent on non-rechargeable lithium batteries from the United States and Japan over the next three years, the statement added.