Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
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.”
