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Chinese Tiangong confident of US anti dumping duty repeal

Steel News - Published on Tue, 11 Dec 2018

Image Source: Bloomberg
South China Morning Post reported that Hong Kong-listed Chinese maker of high-speed steel and cutting tools Tiangong International would appeal against an anti-dumping duty imposed by the United States, as it moves to bolster its exports to America amid the US-China trade war. Zhu Xiaokun, chairman of the Jiangsu province-based steelmaker, said the company was now confident the 68.27 per cent duty would also be slashed to lower than 10 per cent, following its successful appeal against the countervailing duty. He said that “Victory in the appeal against the countervailing duty has cemented our confidence in further exploring the US market. We are standing firm in our fight against the charges. We are not involved in dumping. Our experience can be copied by other Chinese companies that have been impacted by US tariffs. Chinese manufacturers will win market share worldwide as long as we can make better products with core technologies.”

In January 2017, Chinese steelmakers were hit with combined punitive import tariffs of 319.27 per cent – a 251 per cent countervailing surcharge and a 68.27 per cent anti-dumping duty. In August, Tiangong became the only Chinese steelmaker to win a case against the countervailing duty, which was slashed to 24 per cent.

The US and China have been embroiled in an escalating trade war since July, when the US slapped a 25 per cent punitive tariff on USD 34 billion worth of mainland Chinese goods, including steel products. According to estimates about a tenth of China’s steel output, or about 75 million tonnes, was shipped abroad last year.

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Posted By : Sanju Moirangthem on Tue, 11 Dec 2018
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