WTO awards South Korea $85 million against U.S. over washing machine tariffs

GENEVA (Reuters) - South Korea can impose annual trade sanctions of $84.81 million on the United States after challenging U.S. anti-dumping and anti-subsidy tariffs on washing machines, a World Trade Organization arbitration panel ruled on Friday.

The sum was much less than the $711 million that South Korea had asked for, but the arbitration ruling also provided a sanctions formula for South Korea to apply in the future, in case the United States imposes similar tariffs on other products in breach of the WTO rules.

(Reporting by Tom Miles; Editing by Robin Pomeroy)