Taipei--Taiwan is among eight countries that will soon face United States trade sanctions as they have sold certain carbon and alloy steel plates at what are considered to be unfairly low prices in the U.S. market, according to Taiwan's Bureau of Foreign Trade (BOFT).
In a final ruling on May 5, the U.S. International Trade Commission (USITC) said steel makers in the eight countries had caused material damage to their U.S. counterparts.
The anti-dumping tariffs on Taiwan exporters will range between 3.62 percent and 6.95 percent, with some companies hit with 5.29 percent, the BOFT said.
China Steel Corp. (??), the largest steel supplier in Taiwan, will face an antidumping duty of 6.95 percent, while Shang Chen Steel Co. (??) will have to pay 3.62 percent, according to the BOFT.
China Steel and Shang Chen Steel are the two mandatory Taiwanese respondents in the case.
The seven other countries, namely Austria, Belgium, France, Germany, Italy, Japan and South Korea, will be required to pay tariffs of between 5.38 percent and 148.02 percent, the bureau said.
France will face the highest duty of 8.62 to 148.02 percent, while the tariffs on China and South Korea will be 68.27 percent and 7.39 percent, respectively, the BOFT said.
The tariffs will take effect seven days after the USITC officially informs the U.S. Department of Commerce on May 18 of its final ruling and will last at least until 2022, as the U.S. government usually reviews such cases every five years, the BOFT said.
In addition to the anti-dumping tariffs, the DOC will impose a countervailing duty (CVD) of 251.00 percent and 4.31 percent on Chinese and South Korean carbon and alloy steel plate exporters, respectively.
Taiwan's exports of certain carbon and alloy steel plates to the U.S. hit a record 53,000 metric tons in 2014, with a value of US$37.14 million, but since then have been falling gradually, according to the BOFT.
In 2016, exports of those products to the U.S. market fell to 24,665 tons and the sales value to US$13.42 million, the BOTF said.
Source: Focus Taiwan News Channel