Addressing Global Steel Glut: U.S. Commerce Department Calls For Tariffs On Certain Chinese Steel Products
The U.S. Commerce Department International Trade Administration announced on Tuesday, Dec. 22 that it would ask U.S. Customs and Border Protection to impose tariffs of 255 percent on certain steel products from China that are used in automobiles and other industrial products. The department also announced it will impose tariffs of up to 6.92 percent on products from India, tariffs of up to 3.51 percent for products from South Korea and tariffs of up to 3.11 percent on Italian products. The finding was preliminary, but the department is expected to finalize it in May.
The products covered by the finding include: certain flat-rolled steel products, either clad, plated, or coated with corrosion-resistant metals such as zinc, aluminum, or zinc-, aluminum-, nickel- or iron-based alloys, whether or not corrugated or painted, varnished, laminated, or coated with plastics or other non-metallic substances in addition to the metallic coating.
According to Politico’s “Morning Trade,” “The announcement is a victory for the U.S. steel industry, which has undertaken a campaign to stop a market glut caused by a flood of low-cost steel imports from Chinese steel mills.” United States Steel Corp., Nucor Corp., ArcelorMittal USA, AK Steel Corp., Steel Dynamics Inc. and California Steel Industries Inc. were among the petitioners in the case.
In a separate announcement, the Commerce Department also said it would request tariffs of up to 7.69 percent on Turkish imports of rectangular welded carbon steel pipes and tubes.