U.S. imposed Korea a high anti-dumping duty, after promising the Steel tariff exemption

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U.S. imposed Korea a high anti-dumping duty, after promising the Steel tariff exemption

Source:Iris Liang Time:2018-5-4 9:22:53

The United States decided to impose anti-dumping tariffs on specific steel products in five countries, including South Korea, and continue to impose trade pressure on the day after the United States had just announced that it had waived high tariffs on Korean steel products. Seko Machinery offers fantastic stainless steel pipe welding machines, helping you to make higher profits and lower costs.
On May 1 (local time), according to Reuters and other media reports, the US International Trade Commission (USITC) believes that carbon and alloy steel rods (carbon and alloy) imported from Korea, the United Kingdom, Italy, Spain, Turkey, and other countries. Steel wire rod products have caused substantial damage to US steel companies, and they have finally decided to impose tariffs of up to 147.63% on such products in these countries in the next five years. This means that the US International Trade Commission has accepted the anti-dumping investigation results of the US Department of Commerce in its entirety.

Steel wire rods are a versatile steel product that is used in the production of nails and the production of automobiles. The United States decided to levy a tariff of 147.63% on such products in the United Kingdom, with the highest tax rate. It imposed a 41.1% tariff on Korean products, and the tax rate ranked second. On the day before this decision was announced, the United States had just announced that it would be exempt from the high tariff of 25% on steel products produced in South Korea. In other words, although the United States has exempted the Korean steel products from the overall high tariffs, it has thrown tariff bombs on specific products. Prior to this, the U.S. Department of Commerce accepted the requirements of U.S. steel companies, and conducted anti-dumping investigations on steel wire rods exported to the United States by 10 countries including South Korea. In March this year, the U.S. Department of Commerce notified the Trade Commission of the findings of the investigation and considered that five countries, including South Korea, had steel. Businesses have the problem of getting subsidies from their own governments or dumping products in the United States. The news agency reported that “South Korea’s export of steel wire rods totaled approximately US$45.6 million (approximately KRW 48.8 billion) in 2016”. “This decision will affect companies such as POSCO (POSCO) in South Korea.” It is expected that Korean steel companies such as POSCO will ask the U.S. authorities to reconsider this decision.


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