U.S. set to apply up to 48% tariffs on S. Korean cold-drawn mechanical tubing
- 6 years ago
The United States is set to slap duty on cold-drawn mechanical tubing imports from various countries-- including South Korea.
A decision made to counter nations that are exporting the products below local market prices,... seen to negatively affect American industries.
Park Hee-jun reports.
The U.S. Department of Commerce announced Tuesday that it will impose tariffs on cold-drawn mechanical tubing from six countries, including South Korea,... following anti-dumping duty investigations.
U.S. Commerce Secretary Wilbur Ross said the decision allows "U.S. producers of cold-drawn mechanical tubing to receive relief from the market-distorting effects of foreign producers dumping into the domestic market" and that the department will continue to take action to defend American businesses.
To that, two South Korean cold-drawn mechanical tubing manufacturers,
Sang Shin Industrial Corporation and Yulchon Chemical will be hit with 48 percent tariffs,... while other Korean companies will be slapped with duties of 30-point-67 percent.
That's a sharp hike from the five-point-one percent tariffs that had been put in place last November.
The other five countries will face tariffs ranging from 3 percent to over 200 percent.
China and Germany will be hit hardest,... with tariffs from 44 to 186 percent and 3 to 209 percent, respectively.
Meanwhile, tariffs of between 12 to 30 percent will be imposed on Switzerland, and Italy and India will also face tariffs.
The new set of tariffs will come into effect from the end of May, if the U.S. International Trade Commission decides around May 24th,... that domestic industries are suffering losses as a result of the six countries selling cold-drawn mechanical tubing in the U.S. at prices lower than in their home-markets.
Park Hee-jun, Arirang News.
A decision made to counter nations that are exporting the products below local market prices,... seen to negatively affect American industries.
Park Hee-jun reports.
The U.S. Department of Commerce announced Tuesday that it will impose tariffs on cold-drawn mechanical tubing from six countries, including South Korea,... following anti-dumping duty investigations.
U.S. Commerce Secretary Wilbur Ross said the decision allows "U.S. producers of cold-drawn mechanical tubing to receive relief from the market-distorting effects of foreign producers dumping into the domestic market" and that the department will continue to take action to defend American businesses.
To that, two South Korean cold-drawn mechanical tubing manufacturers,
Sang Shin Industrial Corporation and Yulchon Chemical will be hit with 48 percent tariffs,... while other Korean companies will be slapped with duties of 30-point-67 percent.
That's a sharp hike from the five-point-one percent tariffs that had been put in place last November.
The other five countries will face tariffs ranging from 3 percent to over 200 percent.
China and Germany will be hit hardest,... with tariffs from 44 to 186 percent and 3 to 209 percent, respectively.
Meanwhile, tariffs of between 12 to 30 percent will be imposed on Switzerland, and Italy and India will also face tariffs.
The new set of tariffs will come into effect from the end of May, if the U.S. International Trade Commission decides around May 24th,... that domestic industries are suffering losses as a result of the six countries selling cold-drawn mechanical tubing in the U.S. at prices lower than in their home-markets.
Park Hee-jun, Arirang News.