US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
RBI Holds Repo Rate at 5.25% as Inflation Risks and Global Uncertainty Persist 
BOJ Minutes Signal More Rate Hikes as Inflation Risks Grow 
Wall Street Ends Mixed as Dow Hits Record Despite Tech Weakness 
Asian Currencies Mixed as Yen Retreats, Traders Eye U.S.-Iran Talks and Fed Data 
U.S., Iran, Oman Near Interim Deal to Reopen Strait of Hormuz Amid Ceasefire Efforts 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
European Natural Gas Prices Hold Near Three-Week Lows Amid Middle East Talks and Supply Concerns 
India Plans Tax Reforms to Boost Foreign Investment and Manufacturing 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
German Bund Yields Hit Three-Week Low as Energy Prices Ease and ECB Outlook Softens 
U.S. trade action against the world continues to mount.
Yesterday, the U.S. Commerce Department announced final results of the Anti-dumping Duty (AD) investigation on imports of Cold-drawn Mechanical Tubing from China, Germany, India, Italy, Korea, and Switzerland. The investigation was initiated based on petition filed by ArcelorMittal Tubular Products (Shelby, OH), Michigan Seamless Tube, LLC (South Lyon, MI), PTC Alliance Corp. (Wexford, PA), Webco Industries, Inc. (Sand Springs, OK), and Zekelman Industries, Inc. (Farrell, PA).
The department has found that the exporters of the above-mentioned product from Germany, India, Italy, China, Korea, and Switzerland sold it at 3.11 to 209.06 percent, 8.26 to 33.80 percent, 47.87 to 68.95 percent, 44.92 to 186.89 percent, 30.67 to 48.00 percent, and 12.05 to 30.48 percent less than the fair value respectively. The Commerce Department has asked the United States’ Customs and Border Protection Agency (CBP) to collect cash deposits from importers based on these final rates.
According to the department’s calculations, imports of cold-drawn mechanical tubing from China, Germany, India, Italy, Korea, and Switzerland were valued at an estimated $29.4, $38.8, $25.0, $11.9, $21.3, and $26.2 million, respectively, in 2016.
Since coming to power the Trump administration has initiated 104 antidumping and countervailing duty investigations, a whopping 100 percent increase from the previous period. The statement from the department quoted the Commerce Secretary Wilbur Ross as saying, “Today’s decision allows U.S. producers of cold-drawn mechanical tubing to receive relief from the market-distorting effects of foreign producers dumping into the domestic market……We will continue to take action on behalf of U.S. industry to defend American businesses, workers, and communities adversely impacted by unfair imports.”
