Trade tension between the U.S. and China continues to rise as duties of as much as 99% on steel pipe from China have been imposed by the U.S. after American producers complained that the imports were being dumped at below-market prices, reports Bloomberg.
Citing figures e-mailed by the U.S. Commerce Department, Bloomberg says that the duties on $2.6 billion in annual imports of the pipe, used in oil and gas wells, will be 36.5% for the 37 largest exporters. Those tariffs will be on top of separate duties announced in September averaging 21% to counter subsidies to Chinese producers.
Bloomberg says that after the ruling is published in the Federal Register, importers of the product will have to deposit duties of the assigned amount, pending a final ruling next year by the Commerce Department and a separate decision by the U.S. International Trade Commission.
“China’s government and exporters are being told we are fed up with their cheating on our fair-trade laws and penalties for these transgressions are long overdue,” Leo Gerard, president of the United Steelworkers, says in a statement Bloomberg obtained.