Korean Washer Exporters to Pay U.S. Duties as High as 71%By William McQuillen and Brian Wingfield
May. 31, 2012
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Helping the poor by jacking up the prices of their washing machines. Gotta love it.The U.S. Commerce Department told Daewoo Electronics Corp. to pay a 71 percent import duty on large, residential washing machines made in South Korea, after the company didnít respond to a probe of government subsidies.
The agency announced a preliminary finding yesterday after Whirlpool Corp. (WHR) of Benton Harbor, Michigan, said in a Dec. 30 complaint that Seoul-based Daewoo, LG Electronics Inc. (066570) and Samsung Electronics Co. (005930) of Suwon, South Korea, sell washers in the U.S. for less than production costs.