Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
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.”
