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Yesterday, the U.S. Commerce Department concluded its final investigations into imports of forged steel fittings from China and it has found that exporters are receiving countervailing subsidies and dumping the products in the United States at much lower rates than their fair value. According to the statement released, Chiese exporters have sold the above-mentioned products 8.00 to 142.72 percent less than fair value. It also determined the exporters are receiving the countervailing subsidy to the tune of 13.41 percent.
As a result of the findings, the commerce department has asked the U.S. customs and border patrol (CBP) agency to collect cash deposits from importers of the item based on these preliminary rates.
The investigation was initiated based on petitions filed a group of companies; Bonney Forge Corporation (Mount Union, PA), and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union (Pittsburgh, PA).
According to the department’s calculations, the imports of forged steel fittings from China were valued at an estimated $104.8 million in 2017.
Under President Trump, the U.S. Commerce Department has significantly stepped up its investigations into foreign malpractices in trade and the number of investigations initiated are 226 percent more than the previous administration.
