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Commerce Department Slaps Chinese Cold Rolled Steel With Duties of More than 500 Percent
05/18/2016 - The U.S. Department of Commerce is imposing duties of more than 500 percent on Chinese-made cold rolled steel, an action likely to ratchet up trade tensions between the countries.
The Commerce Department on Tuesday announced its final determination in the ongoing case, which also includes cold rolled steel from Japan, Brazil, India, Korea, Russia and the United Kingdom.
The Commerce Department said that not only will Chinese-made steel be subject to an anti-dumping duty of 265.8 percent, but producers also will have to pay a countervailing duty of 256.4 percent to offset the benefits they receive through domestic subsidies.
The case was initiated on a complaint from AK Steel Corp., ArcelorMittal USA, Nucor Corp., Steel Dynamics Inc. and United States Steel Corporation.
In response to the determination, China's commerce ministry said it has "strong dissatisfaction" with ruling, the Reuters news agency reported.
"The United States adopted many unfair methods during the anti-dumping and anti-subsidy investigation into Chinese products, including the refusal to grant Chinese state-owned firms a differentiated tax rate," the ministry said in a statement posted on its website, according to Reuters.
