SKorea launches new trade dispute with US: WTO

South Korea today took the United States to task before the World Trade Organization over Washington's decision to slap anti-dumping tariffs on South Korean imports of steel pipes used by the oil industry.
The WTO said it had been notified by South Korea that it was requesting consultations on the US anti-dumping measures.
Seoul charged that the measures and US methodology for calculating prices and values were counter to a range of global trade rules, WTO said.
The move came in response to a US decision in July to impose duties of up to 16 percent on South Korean steel pipes and tubes used for oil drilling, Dow Jones Newswires reported.

Requesting consultations is the first step in trade disputes before the Geneva-based body, which polices respect for global trade accords in an effort to offer its 160 member economies a level playing field.
The consultations, which allow the parties to discuss the matter and reach a solution without proceeding to litigation, must begin within 30 days and generally cannot last longer than two months.
If they fail to reach an agreement, the complainant can request that a panel of experts be established to study the dispute and reach a verdict.
Earlier this year, South Korea also called on the WTO to settle a dispute with Washington over duties it imposes on imported washing machines.