US Excludes South Korea, China, and 25 Other Countries from Developing Country List for Countervailing Duties

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] South Korea, along with China and 24 other countries, has been excluded from the list of developing and least-developed countries that could enjoy relatively favorable status in the U.S. anti-subsidy tariff investigation.

According to Bloomberg News on the 10th (local time), the U.S. Trade Representative (USTR) announced that it has revised the list of developing and least-developed countries in accordance with relevant laws.

The countries excluded from the list of developing and least-developed countries in this revision include South Korea, China, Hong Kong, India, Singapore, Brazil, Argentina, Indonesia, Romania, Thailand, Ukraine, Vietnam, South Africa, Bulgaria, and 25 other countries.

Until now, former U.S. President Donald Trump had consistently argued that the current trade preference system based on developing country status should be reformed.

The Trump administration mentioned that countries such as China and India have been receiving benefits by using developing country status at the World Trade Organization (WTO), and that benefits should be removed for OECD member countries with relatively high income levels or major G20 countries.

In response, South Korea announced in October last year that it would not claim developing country status in future WTO negotiations. However, China opposes this stance.

Bloomberg News reported that several countries, including South Korea, Singapore, and Brazil, have already agreed to relinquish their developing country privileges.

This content was produced with the assistance of AI translation services.