The Low and Middle Income Tax Offset has been extended yet again. It delivers help neither when nor where it's needed
S. Korea favored by WTO in tariff case against US
The World Trade Organization (WTO) favored South Korea in its lawsuit against the US for levying high tariffs on its steel and power transformer products since May 2016.
According to the WTO panel, eight cases of Washington's tariffs on South Korean goods violated its rules.
The US has been imposing tariffs of 9.49 percent to 59.72 percent on South Korean steel products, and as much as 60.81 percent on its electrical transformers.
South Korea brought the case to the WTO in February 2018, as it failed to settle its differences with the US.
The US is applying the "adverse facts available" (AFA) provision, which allows very high anti-dumping and countervailing tariffs if an accused company fails to provide the data demanded by authorities.
South Korea's trade ministry said the WTO decision will prevent the unlawful application of the AFA provision on its other products.