US Raises Import Duties for Steel from China and Mexico

World | July 9, 2019, Tuesday // 14:07| Views: | Comments: 0
Bulgaria: US Raises Import Duties for Steel from China and Mexico www.pixabay.com

The United States Department of Commerce said it would impose additional duties on imports of steel from China and Mexico as a result of an investigation into the so- "countervailing duties," BNR reported.

The US Department of State's investigation found that the two countries provided countervailable subsidies to their exporters, amounting to 177% in China and 74% in Mexico. The investigation of Canadian steel exports to the US has not shown the need for such punitive measures.

The Commerce Department added that it would instruct the US Customs and Border Services to collect cash deposits from importers of finished steel from China and Mexico.

In March The US International Trade Commission said that imports of manufactured steel from Canada, China and Mexico were damaging domestic producers.

Constructed structural steel is used in large construction projects, such as bridges, buildings, parking lots and ports. In 2018, the United States imported imported structural steel from Canada worth $ 722.5 million, China from $ 897.5 million, and Mexico from $ 622.4 million.

The US Department of Commerce is expected to make a final decision on the import of structural steel by 19 November this year.

North America's Deputy Minister of Foreign Affairs commented on this move by saying he would not call into question the ratification of the USMCA tripartite trade agreement and that the measures are targeting a number of private companies , and not to the steel industry on its side as a whole.

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Tags: United States Department of Commerce, China, Mexico, canada, US International Trade Commission
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