Samsung is feeling the effects of President Barack Obama's veto of the looming iPhone 3GS, iPhone 4, iPad 2 U.S. ban.
According to the Wall Street Journal, Samsung shares dipped at the Korean stock exchange by one point. The drop, however, is approximately a $1 billion loss in market value.
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The U.S. International Trade Commission (ITC) had previously issued a ban on the U.S. imports of the iPhone 3GS, iPhone 4, and iPad 2 under carrier AT&T on June 4. The ITC allowed President Barack Obama to decide on whether to overturn the decision, but he transferred the decision to United States Trade Representative Michael Froman. A day before the 60-day grace period before the ITC ban went into effect, Froman, on behalf of the Obama administration, vetoed the ban.
"We are disappointed that the U.S. Trade Representative has decided to set aside the exclusion order issued by the U.S. International Trade Commission (ITC)," Samsung said in a statement on Saturday. "The ITC's decision correctly recognized that Samsung has been negotiating in good faith and that Apple remains unwilling to take a license."
"We applaud the Administration for standing up for innovation in this landmark case," said Apple in a statement on the other hand. "Samsung was wrong to abuse the patent system in this way."
As Latinos Post reported on Aug. 5, the South Korean government expressed concerns on the Obama administration's decision.
"We express concerns about the negative impact that such a decision would have on the protection of patent rights," said South Korea's Ministry of Trade, Industry, and Energy.
The Ministry of Trade, Industry, and Energy added that the Obama administration and its trade body should make "fair and reasonable decisions." Apple and Samsung have another patent date on Aug. 9 in regards to an imports ban on specific Samsung devices.
President Obama is the first U.S. president to veto an ITC import ban ruling since Ronald Reagan in 1987, coincidentally in a case involving Samsung.
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