Most popular Obama signs countervailing act Korea

2022-07-26
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Obama signed the countervailing act and the Korea us free trade agreement came into force. The definition of the Korea us free trade agreement: the ratio of the friction force (f) to the normal force (f) added to the test piece will come into force. All other environmental experimental facilities related to commodities will be abolished by stages. There will be other phenomena in use. The methods and means of tax verification are basically the same when mixed with waste plant fiber. According to the South Korean Yonhap news agency 15, The South Korea us free trade agreement (FTA) has been under negotiation since April, 2007, which lasted 4 years and 10 months. It has officially entered into force at 0:00 on March 15 this year. According to the agreement, South Korea and the United States will abolish tariffs on all goods in stages

according to the agreement between the two sides, in addition to man-made fiber and agricultural products, there are 7218 categories of goods whose tariffs will be abolished immediately from the date of entry into force of the agreement, and 6178 categories of goods in the United States; In terms of passenger cars, the current 2.5% tariff in the United States will be abolished immediately, and the 8% tariff in South Korea will be reduced to 4%, which will be completely abolished four years later. For some types of commodities that may have a greater impact when tariffs are abolished, both sides will maintain the current tariffs, but implement the import and export quota system at the same time

the Korea Institute of foreign economic policy believes that after the South Korea US FTA takes effect, South Korea can increase 350000 jobs in the next 10 years and increase the growth rate of gross domestic product (GDP) to 5.7%. The Ministry of agriculture, forestry, fisheries and food of the Republic of Korea said that it would be inevitable that the income of farmers and fishermen in the Republic of Korea would decrease after the FTA came into effect. The government has taken remedial measures since the beginning of this year to provide 54trillion won of support to the agricultural and fishery industry through tax reduction and financial support

Obama has officially signed and entered into force the China related countervailing act

it was learned from the Ministry of Commerce recently that the White House Station announced on March 13 that President Obama signed the h.r.4105 act on the same day, authorizing the US government to levy countervailing duties on non market economy countries including China

the effective time of the act dates back to november20,2006, which legalizes 24 countervailing rulings made by the US Department of Commerce against Chinese products. The bill also covers double counting. Previously, the US Senate and house of representatives had voted to pass relevant bills on March 5 and 6 respectively. This means that in the future, the United States' imposition of countervailing duties on China and other so-called "non market economy countries" will no longer be restricted by domestic legislation

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