Korean Washer Exporters to Pay U.S. Duties as High as 71%By William McQuillen and Brian Wingfield
May. 31, 2012
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.