US approved Samsung and LG's production relocation behavior involving trade fraud
ã€Global Science and Technology Report】 According to the Yonhap News Agency report on March 7, Peter Navarro, chairman of the National White Trade Committee (NTC), said at the National Association of Business Economics (NABE) conference on the 7th that Samsung and LG Electronics are The act of evading the tariff and relocating the production site to other countries was identified as "trade fraud."
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Previously, Samsung's and LG's Chinese washing machines entered the US market in December 2015 and were sold. The US's local manufacturing industry was hit, and Whirlpool began to file a complaint. In January of this year, the U.S. Department of Commerce imposed 52.5% and 32.1% anti-dumping tariffs on Samsung's and LG's domestic washing machines.
However, starting in 2016, Samsung and LG have moved the production of washing machines sold in the United States from China to Southeast Asian countries such as Thailand and Vietnam. This is a strategic decision that takes into account factors such as the U.S. tariff threats, exchange rates, and raw materials. Navarro thinks this is a profit for South Korean companies seeking to evade U.S. tariffs.
Under the pressure from the Trump administration on the increasing intensification of foreign companies, South Korean companies have made compromises. LG Electronics decided to establish a new washing machine production plant in the United States and recently signed an investment agreement with Tennessee. Although this project has been planned since 2010, the signing time of the agreement is very ingenious. At present, Samsung's home appliance factory in the United States is not yet determined, but it is expected to accelerate its pace. (Internship Compilation: He Yiyi reviewer: Wei Yue)
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