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Global Geopolitical Series: U.S. Commerce department announces preliminary AD on tapered bearings from Korea
After the Trump administration announced sharp tariffs on imports of washing machines and solar panels, South Korea not only protested the decision and decided to take up the issue to the World Trade Organization (WTO). However, that is not preventing the Trump administration to counter alleged trade malpractices against the Koreans.
Yesterday, on the eve of President Trump’s State of the Union address, the U.S. commerce department announced preliminary anti-dumping duties on imports of certain tapered roller bearings from the Republic of Korea (South Korea). The department determined that exporters from Korea have sold the above-mentioned products in the United States at 21.23 percent to 45.53 percent less than fair value. The Commerce Department will announce the final determination on 16th April of this year.
As a result of the decision, the department has asked the U.S. customs and border protection agency (CBP) to collect cash deposits from importers. The decision was made in response to the petition filed by ‘The Timken Company’ of Ohio. According to the calculation, imports of certain tapered roller bearings from Korea were valued at an estimated $60.1 million in 2016.
Under the leadership of Secretary Wilbur Ross, the U.S. Commerce Department has followed through President Trump’s promise to cut down malpractices that tend to rob the United States of manufacturing jobs. In the first year, the Trump administration has initiated 84 AD and CVD investigation, 58 percent increase compared to a year before.
A statement on Commerce department quoted Secretary Wilbur Ross saying, “The United States values its relationship with Korea, but our trading partners must play by the rules….“We will continue to review all information related to this case before making our final determination.”