16:20 | 29/10/2017 Global Economy
The US on Wednesday announced anti-dumping measures on carbon and alloy steel wire rods from Italy, South Korea, South Africa, Spain, Turkey and the Ukraine and the United Kingdom imposing duties of up to 147.6 percent.
Washington held that the countries sold their goods in the U.S. at "less than fair value," according to a statement.
"The dumping of goods below market value in the United States is something the Trump Administration takes very seriously," said Secretary of Commerce Wilbur Ross, adding the government would "stand up for American workers and businesses in order to ensure that everyone trades on a level playing field."
The duties, which differed for various companies within the named countries, ranged from 2.8 to 147.6 percent
The measures are preliminary until the conclusion of two separate investigations in January 2018, one by the Department of Commerce and the other by the US International Trade Commission (ITC) which was established to provide impartial, independent verdicts.
In 2016, imports of wire rod from Italy, Korea, South Africa, Spain, Turkey, Ukraine, and the United Kingdom were valued at an estimated $12.2 million, $45.6 million, $7.1 million, $40.7 million, $41.4 million, $55 million, and $20.5 million, respectively.
The measures came about following petitions filed on behalf of Gerdau Ameristeel, Nucor Corporation, Keystone Consolidated Industries, and Charter Steel.
Similar measures have already been taken against steel wire imports from Belarus, Russia and the United Arab Emirates.
The administration of President Donald Trump has been engaged in an all-out trade offensive since coming to power in January and has already taken a number of protectionist measures, including on imports of steel products, Canadian lumber, and Argentine biodiesel.