A Sharp Drop from 41.1% Set in 2018
The U.S. Department of Commerce recently finalized an anti-dumping tariff rate of 0.94 percent for POSCO products in its first annual review of Korean carbon alloy wire rods, the Korea International Trade Association (KITA) said on March 21. The anti-dumping tariff rate was lowered by more than 40 percentage points from 41.1 percent previously confirmed in the original trial in March 2018.
In March 2017, the U.S. Department of Commerce accepted a petition from the U.S. steel industry that it was suffering from foreign wire rods and conducted an anti-dumping investigation of products from 10 countries including Korea and imposed high tariffs on them.
In the second annual review of countervailing duties (CVDs) on carbon alloy steel plates from Korea, the U.S. Commerce Department also finalized the countervailing tariff rate on POSCO products at 0.49 percent. Therefore, no substantial tariff will be slapped on them. If a countervailing duty on an item is less than 0.5 percent in a review, the item will not be subject to countervailing duties.
The U.S. Department of Commerce recalculates tariff rates each year through its annual review. In the first review, the department decided to impose anti-dumping duties because it judged that Korean wire rods were being sold at a lower price than their normal price, but applied a dumping margin rate much lower than the original one.