US Hits Roller Bearings from South Korea With Antidumping Duties
Commerce Determined Exporters Sold Product in US at Less Than Fair Value
The US Department of Commerce announced the affirmative final determination in the antidumping duty (AD) investigation of imports of tapered roller bearings from South Korea.
Commerce determined that exporters from South Korea have sold tapered roller bearings in the United States at 8.21 to 52.44 percent less than fair value.
As a result of the decision, Commerce will instruct US Customs and Border Protection (CBP) to continue to collect cash deposits from importers of tapered roller bearings from South Korea based on these final rates.
In 2017, imports of certain tapered roller bearings from South Korea were valued at an estimated $67.4 million. The petitioner in the case was the The Timken Company of Ohio.
Antidumping duty laws provide American businesses and workers with an internationally accepted mechanism to seek relief from the harmful effects of the unfair pricing of imports into the United States. Foreign companies that price their products in the US market below the cost of production or below prices in their home markets are subject to antidumping duties. Since the beginning of the current administration, Commerce has initiated 118 new antidumping and countervailing duty investigations. Commerce currently maintains 449 antidumping and countervailing duty orders which provide relief to American companies and industries impacted by unfair trade.
The US International Trade Commission (ITC) is scheduled to issue its final determination on or around August 2, 2018. If the ITC makes an affirmative final injury determination, Commerce will issue an AD order on subject merchandise from South Korea. If the ITC makes a negative final determination of injury, the investigation will be terminated and no order will be issued.
Eric the rhino on 10,000-mile mission to find love