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USA import restrictions will affect S. Korean exports

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US restrictions on imports of South Korean steel, washing machines and solar cells may cost Asia’s fourth-largest economy more than $2.4 billion in lost exports over the coming years, a parliamentary report said last week.

The American administration’s import restrictions on the three products may cause South Korea to suffer an export loss of $2.47 billion over the next few years, according to the report by the National Assembly Budget Office.

The regulations may also result in a potential loss of nearly 16,000 jobs in the three industrial sectors, it estimated.