Japan PMI Data Signals Manufacturing Stabilization as Services Continue to Drive Growth 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
China’s November Economic Data Signals Slowing Industrial Output and Weak Consumer Demand 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes 
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.”
