Mining News Pro - According to the latest updates, U.S. has imposed hefty preliminary anti-dumping duty (ADD) on welded pipes imported from India, and five other countries including China, Canada, Greece, South Korea and Turkey in a move to protect the domestic steel sector and lower its trade deficit.
According to Mining News Pro - According to the latest updates, U.S. has imposed hefty preliminary anti-dumping duty (ADD) on welded pipes imported from India, and five other countries including China, Canada, Greece, South Korea and Turkey in a move to protect the domestic steel sector and lower its trade deficit.
The duty announced on India is 50.55% whereas on other countries are China 132.63%, Canada 24.38%, Greece 22.51%, South Korea 14.97 to 22.21% and Turkey 3.45 to 5.29%.
The Department of Commerce (DoC) has accused all the six countries of selling large diameter welded pipes (used to transport oil, gas and other fluids) at rates lower than the fair value in U.S. The department has acted on the complaint filed in Jan’18 by six U.S.
companies including American Cast Iron Pipe Company, Berg Steel Pipe Corp, Berg Spiral Pipe Corp, Dura-Bond Industries, Skyline Steel, and Stupp Corporation.
The DoC has asked the exporters to deposit cash with the U.S. Customs and Border Protection Force. India exported USD 294.7 million (INR 2,058 crore) worth of metal pipes last year.
The department has said that it would announce the final decision of its investigation of alleged dumping practices of China and India in November 2018 whereas in case of Canada, Greece, Korea, and Turkey the final determinations will be announced in January 2019.
However, if the independent International Trade Commission finds that U.S. industry was not harmed from the imports, the duties will be refunded.
Since the beginning of the current administration, DoC has initiated 120 new anti-dumping and countervailing duty investigations which is 216% increase from the comparable period in the previous administration.
The U.S. government has announced steep tariffs on steel and aluminium imports in March 2018 which has irked trade war between U.S. and other major economies like China, India, and Canada. In Jun’18, India has announced higher duties on several goods imported from the U.S. in retaliation to President Donald Trump imposing hefty tariffs on steel and aluminium imports.