The complaint, if lodged, will take issue with the US' "arbitrary" manners of applying its anti-dumping regulations on South Korean goods, the source said.

South Korean steel, chemical and textile products have been slapped with heavy anti-dumping duties in recent months in what the officials described as the actualization of the Donald Trump administration's protectionist trade policy.

"Since the US revision of its anti-dumping regulations in May last year, they have applied to South Korean goods, but the situation sharply worsened under the (Trump administration's) protectionism," the official noted.

No decision has been made yet regarding whether South Korea will actually file the suit. The government will consider several factors, including bilateral relations and real benefits of the potential action, before making a final decision, according to the source. (Yonhap)