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The United States has nearly halved its anti-dumping tariffs on oil pipeline products from South Korean steelmakers, industry sources said Tuesday.
The US Department of Commerce has decided to levy a tariff of 4.23 percent to 9.24 percent on South Korean oil pipelines, far lower than the 2018 ruling of up to 18.77 percent.
The tariff reduction came after the Court of International Trade (CIT) ordered Washington to readjust its earlier duties in January following complaints from South Korean steelmakers
Oil pipelines are used to move crude and natural gas from oil fields. South Korean pipeline exports to the US were valued at $350 million in 2018.
By company, the tariff on pipelines from South Korea’s No. 2 steelmaker, Hyundai Steel Co., comes to 9.24 percent, with that on products made by SeAH Steel Corp. reaching 4.23 percent.
The anti-dumping duty on products from other South Korean steelmakers stands at 6.74 percent.
At the time of the 2018 ruling, the US department said the tariff rates were based on the “particular market situation” regulations that allow for high tariff rates on goods from countries where export prices are believed to have deviated from those of the domestic market.
But South Korean steelmakers challenged the US decision and filed a complaint with the CIT in January this year.
In 2019, Washington also decided to cut the countervailing duties on hot-rolled steel products from South Korean steelmaker Posco to 0.55 percent from the previous 41.57 percent.
