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U.S. proposals, motor vehicles imported from South Korea
U.S. proposals, motor vehicles from South Korea
The U.S. International Trade Commission (ITC) issued a report concerning proposed modifications to the United States-Korea free trade agreement regarding the customs duty rates for certain motor vehicles imported from South Korea.
As noted in the ITC release, the report examines the probable economic effect on U.S. trade and domestic vehicle manufacturers of proposed modifications to the staging of customs duties for light trucks and medium / heavy trucks under the United States-Korea free trade agreement. Under the proposed modifications, the elimination of duties would be deferred until 1 January 2041.
The ITC noted that because the United States currently imports few or no vehicles covered by the proposed modifications from Korea, the ITC made assumptions concerning Korean market shares and Korean export shares if Korea were to enter the U.S. truck market. The ITC report presents five alternative scenarios in the report and designates one as “most likely.” The ITC believes that:
- Most likely, the effect of the proposed modification would be to avoid an increase of U.S. imports from Korea of 59,000 light trucks and 7,600 medium/heavy trucks (assuming Korea enters the U.S. truck market and does so via exports and not exclusively transplant production).
- The likely effect on total production in the United States would be to avoid a decrease in domestic production of 45,000 light trucks and 3,700 medium/heavy trucks under the same assumptions.
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Doug Zuvich Partner, Global Practice Leader T: 312-665-1022 E: dzuvich@kpmg.com
Andy Siciliano Partner, National Practice Leader T: 631-425-6057 E: asiciliano@kpmg.com
Irina Vaysfeld Principal T: 212-872-2973 E: ivaysfeld@kpmg.com
Robert Waldrop Principal T: 212-954-8117 E: rwaldrop@kpmg.com
Christopher Young Principal T: 312-665-3229 E: christopheryoung@kpmg.com
George Zaharatos Principal T: 404-222-3292 E: gzaharatos@kpmg.com |
John L. McLoughlin Principal, East Coast Leader T: 267-256-2614 E: jlmcloughlin@kpmg.com
Luis (Lou) Abad Principal, WNT T: 212-954-3094 E: labad@kpmg.com
Amie Ahanchian Managing Director T: 202-533-3247 E: aahanchian@kpmg.com
Gisele Belotto Managing Director T: 305-913-2779 E: gbelotto@kpmg.com
Andy Doornaert Managing Director T: 313-230-3080 E: adoornaert@kpmg.com
Jessica Libby Managing Director T: 612-305-5533 E: jlibby@kpmg.com |
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