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Steel News August 26, 2014 08:34:20 AM

South Korea confronts against US tariff on steel products

Paul Ploumis
ScrapMonster Author
South Korea has decided to take action against the anti dumping tariffs imposed by the United States on south Korean tubes and steel pipes for oil drilling.

South Korea confronts against US tariff on steel products

SEOUL (Scrap Monster): The main reason behind this decision is, the worry over the 818 million dollars worth export of US product

The officials in the country argue that, US charges much higher market prices than any other foreign imported steels.

In a meeting conducted in Seoul, the Trade Minister of South Korea stated that, the country is about to plan reserve counter meters based on legal standards, reviews and discussions with local industries.

At present they have two options, first one is to register an ailment in US court, and the second is to take action at the WTO and nullify punitive US tariffs

A Seoul trade official palming the US Korean steel case stated that, even though the South Korean government wants harsh revenge against US, the government has decided to take things legally.

The government is still researching how the increase in tariff will affect the South Korean firms that covers almost a quarter of US steel demands. According to data, in 2013 South Korea exported about 894,300 tones of steel products to US.

In July US Commerce Department inflicted 16% tariff on South Korean steel for reportedly discarding in US at illegal prices. The tariff was confirmed by the  International Trade Commission and US Federal Body. 

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