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.