456%! U.S. announced punitive tariffs on certain steel products from South Korea and Taiwan (region)
According to Reuters news, on the 2nd local time, the US Department of Commerce announced that it will impose a maximum penalty of 456% on steel products from Taiwan (region) and South Korea. The US Department of Commerce said through a statement that these steel products were shipped to Vietnam for small process job after being produced in the country of origin, and then exported to the United States to circumvent anti-dumping and countervailing duties.
The statement said that the United States imposed anti-dumping and countervailing duties on Korean and Taiwanese products in December 2015 and February 2016 respectively. From then until the end of April this year, the number of corrosion-resistant steel and cold-rolled steel exported from Vietnam to the United States surged by 332% and 916% respectively.
According to Reuters, the US Department of Commerce is investigating at the request of several US steel manufacturers.
Source: Global Times - World Wide Web