Tariffs on Korean Thick Plates Tripled
The Ministry of Trade, Industry and Energy announced on July 17 that the United States Department of Commerce decided to raise its anti-dumping duty on thick plates exported by South Korean steelmakers from approximately 7 percent to 20.09 percent.
“U.S. President Donald Trump recently blocked foreign companies from participating in the American public procurement market,” said an industry insider, adding, “The higher anti-dumping duty is another barrier in the private sector.”
The new anti-dumping duty is applied to the South Korean steelmakers including POSCO and Hyundai Steel. Earlier, the president of the United States signed an administrative order on July 15 (local time) so that American steel can account for up to 95 percent of the steel used in the federal government’s infrastructure projects.
Thick plates, which have a thickness of at least six millimeters, are used in ships and bridges. Last year, South Korean steelmakers exported US$150 million of thick plates to the United States and the amount was equivalent to 10 percent of the United States’ total thick plate imports. Experts are pointing out that the United States Department of Commerce is likely to raise its tariffs on other steel products as well starting from thick plates.