A Study on Safeguards As a Means to Bring Protectionism Back to Korea – U.S. Trade

다국어 초록 (Multilingual Abstract)

The goals of the WTO is to promote free and fair international trade. It ultimately means a trade liberalization through lowering tariff rate and deregulation. The WTO Member countries have formed various Regional Trade Agreements to expedite trade liberalization. However, in cases where import surge causes serious injury to domestic industries which produce like products, the WTO and RTA Agreements provide leeways for an importing party to cure the injury through measures, including countervailing duty, anti-dumping, and safeguards. Recent trade policies announced by the United States are heavily based on protectionism. Such a protectionism will affect South Korea and may lead to the KORUS FTA renegotiation. Safeguard is a less-complicated measure to take because it belongs to the President’s discretion, and the serious injury does not need to be caused due to an unfair trade. Rather, safeguard may be implemented even where a trade is entirely fair. The importance of understanding safeguards procedure is significant. Therefore, this paper will discuss three legal bases (the law of the WTO, the Trade Act of 1974 of the United States, and the KORUS FTA) on safeguards.

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