TAIPEI (Taiwan News) – In November of 2017, the U.S. Department of Commerce began investigations into possible dumping of forged steel fittings by China, Italy, and Taiwan onto the U.S. market.
In a final determination, the Department of Commerce has found that Taiwanese exporters of steel fittings were selling them for 116.17 percent less than fair value during the period in 2017 before the investigation was called.
Now the U.S. Customs and Border Protection Agency has been instructed to collect cash deposits on imports of forged steel fittings from Taiwanese exporters in accordance with the determined ratio of devalued product, reports Global Trade Mag.
The cash deposits are intended to penalize the Taiwanese exporters for duping unfairly priced products onto foreign markets, while lending relief to the industries affected.
The report notes that total imports of forged steel fitting from Taiwan into the U.S. in 2017 amounts to an estimated US$18.9 million, according to the report.
Following the determination of the Department of Commerce, the case will be passed on to the U.S. International Trade Commission (USITC), which will issue a statement before Sept. 6 on the matter.
The USITC will make a determination as to whether or not enough damage to bilateral trade between the U.S. and Taiwan has been done, as to merit further penalties and duties on other merchandise from Taiwan.