U.S. to slap up to 39 pct tariffs on S. Korean oil pipeline

31/07/2019 12:00 - 321 Views

The United States has decided to impose anti-dumping tariffs of up to 39 percent on South Korean oil pipeline, industry sources said Tuesday, amid growing protectionism trends around the globe.

The U.S. Department of Commerce decided earlier this month that oil pipeline products made by Nexteel Co. would continue to be subject to an anti-dumping tariff of 38.87 percent and SeAH Steel Corp. would have its tariff reduced to 22.7 percent. Other steelmakers are to be subject to 29.89 percent tariffs, industry watchers said.

The latest ruling comes after SeAH Steel filed a complaint against a June 10 ruling by Washington on initial tariffs imposed last year and asked for another review citing administrative errors.

At the time, Nexteel's tariffs stood at 38.87 percent, while those for SeAH were 27.38 percent, with other steelmakers facing import duties of 32.49 percent.

Oil pipelines are used to move crude and natural gas from oil fields. South Korean pipeline exports to the U.S. reached US$350 million in 2018.

Related to the ruling, an industry insider here said higher trade barriers will pose tougher challenges for local steelmakers, who are already struggling with weak overall demand.

Source: Yonhap News Agency