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US slaps anti-dumping duties on steel rods from UK and six other countries

Washington held that the countries sold their goods in the US at 'less than fair value,' according to a statement

AFP | PTI  |  New York 

Representational image
Representational image

The on Thursday announced on carbon and alloy from Italy, South Korea, South Africa, Spain, Turkey, and the imposing duties of up to 147.6 per cent.

Washington held that the countries sold their goods in the at "less than fair value," according to a statement.

"The dumping of goods below market value in the United States is something the Trump Administration takes very seriously," said Secretary of Commerce Wilbur Ross, adding the government would "stand up for American workers and businesses in order to ensure that everyone trades on a level playing field."

The duties, which differed for various companies within the named countries, ranged from 2.8 to 147.6 per cent.

The measures are preliminary until the conclusion of two separate investigations in January 2018, one by the Department of Commerce and the other by the Trade Commission (ITC) which was established to provide impartial, independent verdicts.

In 2016, imports of wire rod from Italy, Korea, South Africa, Spain, Turkey, Ukraine, and the were valued at an estimated $12.2 million, $45.6 million, $7.1 million, $40.7 million, $41.4 million, $55 million, and $0.5 million, respectively.

The measures came about following petitions filed on behalf of Gerdau Ameristeel, Nucor Corporation, Keystone Consolidated Industries, and Charter Steel.

Similar measures have already been taken against steel wire imports from Belarus, Russia and the United Arab Emirates.

The administration of President Donald Trump has been engaged in an all-out trade offensive since coming to power in January and has already taken a number of protectionist measures, including on imports of steel products, Canadian lumber, and Argentine biodiesel.

First Published: Thu, October 26 2017. 15:55 IST