USA - Korea Fights for Free-Market Values

Arno Froese

Following a safeguard petition filed by Whirlpool Corp. in May, the U.S. International Trade Commission (ITC) determined that increased imports of large residential washing machines were damaging the U.S. washing machine industry. Most of the washers targeted are manufactured by Samsung and LG at their factories in Thailand and Vietnam.

The ITC held a public hearing on possible remedies in Washington, D.C., giving the Korean companies a chance to persuade the panel. Officials of Korea’s trade and foreign ministries as well as Samsung and LG representatives attended the hearing.

“Blocking imports would give Whirlpool enormous market power and control. Prices would increase significantly and consumers would have less choice. Any tariff would halt the healthy growth we are seeing in the category,” a representative of Home Appliances at Samsung Electronics America said at the hearing.

Stressing that Samsung Electronics has more than 18,000 workers in the United States, having been marketing its products there for nearly 40 years, he called for equal treatment. “Give us a chance to succeed as a U.S. manufacturer. We are here. We are part of the U.S. industry, so no remedy is necessary.”

A number of U.S. politicians from states in which the Korean manufacturers are investing also defended them.

Congressman Ralph Norman of South Carolina said a ray of hope broke through when Samsung announced plans to invest $384 million in a new facility in Newberry, South Carolina. The plant is scheduled to open early next year and will result in almost 1,000 new jobs.

-www.koreatimes.co.kr, 20 October 2017

Arno's commentary

Historically speaking, countries that applied stiff import tariffs always have and always will lose.

Brazil, for example: in the early 1990s, they attempted to protect their own industry by restricting computer imports. The result was catastrophic, with much of Brazil’s computer technology lagging behind.

It is not our intention to be partial, but simply to highlight the indisputable fact that globalism is here to stay. Why? Because prophetic Scripture makes it crystal clear that the world will be united in the end.

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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