U.S. Tariffs on Oil Pipelines to Be Returned in Part
Posted on 24 September 2020
The U.S. Department of Commerce has adjusted its anti-dumping tariffs on South Korean oil pipelines to 4.23 percent to 9.24 percent by recalculating the result of its annual review for 2015 and 2016.
The final tariff rate is 9.24 percent for Hyundai Steel and 4.23 percent for SeAH Steel. This is because the former’s export price was higher than the latter’s at that time. The rate applied to other South Korean steelmakers is 6.74 percent. The figures are much lower than the result of the 2018 annual review.
The U.S. Department of Commerce recalculates the rates every year through the annual review. In August 2018, it hiked the rates from the figures of October 2015. Specifically, the rates applied to Hyundai, SeAH and the rest were adjusted from 6.19 percent, 2.53 percent and 4.36 percent to 18.77 percent, 14.39 percent and 16.58 percent, respectively.
The companies filed a complaint with the U.S. Court of International Trade and the court told the department in January this year to cancel its particular market situation (PMS) application and recalculate the tariffs. More recently, the court ordered supplementation in July and the department carried out the adjustment.Source : Business Korea