WTO awards S.Korea US$85 million against US over washing machine tariffs

A truck drives between shipping containers at a container terminal at Incheon port in Incheon, South Korea, May 26, 2016. (Reuters pic)

GENEVA: South Korea can impose annual trade sanctions of US$84.81 million on the United States after challenging US anti-dumping and anti-subsidy tariffs on washing machines, a World Trade Organisation arbitration panel ruled on Friday.

The sum was much less than the US$711 million that South Korea had asked for, but the arbitration ruling also provided a sanctions formula for South Korea to apply in the future, in case the United States imposes similar tariffs on other products in breach of the WTO rules.