The U.S. Secretary of Commerce, Wilbur Ross, announced the results of the Anti-dumping Duty investigation of carbon and alloy steel wire rod from Belarus, Russia and the United Arab Emirates.
During their investigation, the U.S. Department of Commerce found that exporters from Belarus have been selling carbon and alloy steel wire rod in the United States at 280.02%. They have also found that Russian exporters have been selling the product at 436.80% to 756.93% less than fair value. Lastly, the department discovered that the United Arab Emirates have been selling carbon and alloy steel wire rod at 84.10% less than fair value, which was determined by factual evidence presented by the interested parties.
“The dumping of goods below market value in the United States is something the Trump Administration takes very seriously,” said Secretary Ross. The Department of Commerce will continue to stand up for American workers and business’ in order to ensure that everyone trades on a level playing field.” (http://bit.ly/2xRB8AJ)
The Department of Commerce was able to come to this conclusion due to petitions filed by U.S. Industries and the failure to respond to any of the accusations by the countries mentioned above. As a result, the Commerce Department will be instructing U.S. Customs and Border Protection to collect cash deposits from importers of carbon and alloy steel wire rod from all three countries.
Following this information, the Department of Commerce is scheduled to announce the final Antidumping Duty determinations on Tuesday, November 21st. The U.S. International Trade Commission is holding their own investigation to determine if American producers have suffered any ill effects due to the circumstances. If both investigations lead to affirmative determinations then anti-dumping orders will be put in place. Although, if the International Trade Commission finds that no harm has been done to American producers they will cease their investigations and no duties will be collected.
Foreign companies that sell their products in the United States below the cost of production or below prices in their own markets are subject to the Anti-dumping Duty. The current administration has a taken a strong stance toward anti-dumping, initiating 62 investigations from January 20th, 2017 through September 6th, 2017.
Measures like this must be taken to protect domestic manufacturing and it is great to see this much care put into protecting American business. Manufacturing Talk Radio will be keeping a close eye on the upcoming investigations so be sure to check back for more information.