The United States on Wednesday imposed anti-subsidy duties on large home washers made by South Korean manufacturers, slapping the largest by far on Daewoo Electronics.
After a preliminary probe, the Commerce Department said it had determined that imports of large residential clothes washers from South Korea unfairly benefited from government subsidies.
Cash deposits will be collected by U.S. Customs in an amount based on the preliminary subsidy rates.
Daewoo Electronics was the hardest hit, with a rate of 70.58%, while Samsung Electronics (IW 1000/12) was at 1.20%.
LG Electronics (IW 1000/74) would not be affected because its 0.22% subsidy rate is minimal, the department said.
All other South Korean producers and exporters received a subsidy rate of 1.20%.
The complaint was filed by Whirlpool (IW 500/59) in December.
The Commerce Department estimated the value of the imports of washers from South Korea totaled $568.5 million in 2011.
Thursday, May 31, 2012
The Wash Cycle
Once upon a time American cars were made in America. People chose, including union families, to buy foreign made cars because they were cheaper. American car companies moved off shore and went out of business, "bad American car companies." It came to pass that most goods where made out of America because of cheap labor and American people chose to buy cheaper goods. A world economy was born only now no jobs were left in America, "bad non American countries and your cheap labor and cheap goods and your people actually working." It was time to bring back American goods and jobs by imposing tariffs on up and coming countries, per American unions and government regulations. There goes that "world economy" theory only now Americans have no jobs or money to buy any goods. The End