US imposes 266pc duty on imports of steel from China
WASHINGTON: Producers in China and six other countries sold cold-rolled steel at unfairly low prices in the U.S. market and will be taxed as much as 266 percent on the price, the Commerce Department said in a preliminary decision on Tuesday. The government imposed tariffs of 266 percent on imports from China, with goods from Brazil, India, South Korea, Russia, Japan and the U.K. also subject to duties. Shipments from Brazil will face 39 percent penalties, and South Korean producers will face taxes of as much as 6.9 percent.
This is the second time since December that the U.S. government has penalized foreign steel producers, including Chinese mills, for selling the metal in the U.S. at unfairly low prices, or dumping. Domestic producers including Nucor Corp. and U.S. Steel Corp. began filing trade cases accusing some global competitors of unfair subsidies and other illegal trade practices in June.
U.S. producers have filed cases accusing foreign steelmakers of dumping and subsidizing four varieties of steel products. In December, the government found that China, India, Italy and South Korea had dumped corrosion-resistant steel in the U.S. and levied taxes of 256 percent on imports from China. Other duties ranged from 3 percent to 9 percent. The duties may not satisfy domestic producers, said Caitlin Webber, a Washingtonbased analyst at Bloomberg Intelligence.