The World Trade Organisation (WTO), confirmed this week that South Korea is to challenge the European Union's decision to place a 33% import tariff on Hynix computer chips, arguing that such a move contravenes global trade rules.
The EU imposed the import duty in April this year after deciding that Hynix had received unfair state aid when South Korea's state-controlled banks made debt-for-equity swaps and restructured loans on its behalf. Recently, the United States Department of Commerce decided to impose a 44.71% tariff on Hynix following a similar complaint from rival chip maker, Micron.
The EU Commission announced at the time that the tariff would initially be in place for a period of four months. It is due to be reviewed on August 25, when it will be decided whether to extend the tax for a further five years.
http://www.globetechnology.com/servlet/story/RTGAM.20030805.gtchip0805/BNStory/Technology/
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