• Global geo-political series: U.S. commerce department announces final ad on imports of carbon and alloy steel wire rod from Belarus, Russia and United Arab Emirates

    Source: FxWire Pro - Commentary / 22 Nov 2017 02:25:04   Eastern Standard Time

    The Trump administration continues to take action against malpractices in trade on countries that have taken advantage of the U.S. open market and to provide a fair opportunity to U.S. industries and workers. The traditional allies are not being spared too. Last night, the U.S. Department of Commerce under the leadership of Secretary Wilbur Ross announced final anti-dumping duties (AD) on imports of Carbon and Alloy Steel Wire Rod from Belarus, Russia, and UAE.

    According to U.S. commerce department, exporters from Belarus, Russia, and the UAE sold wire rod in the United States at 84.10 – 756.93 percent less than fair value. The commerce department has directed the United States’ customs and border protection agency to collect cash deposits from importers based on these rates; Belarus (280.02 percent), Russia (436.80 – 756.93 percent), and the UAE (84.10 percent). The ruling came in response to petitions by Gerdau Ameristeel US Inc. (FL), Nucor Corporation (NC), Keystone Consolidated Industries (TX), and Charter Steel (WI).

    The U.S. Commerce Secretary Wilbur Ross was quoted saying, “The United States is dedicated to free, fair, and reciprocal trade with these countries, and this case was decided strictly on a full and fair assessment of the facts…..The Department of Commerce is committed to protecting U.S. companies being hurt by foreign manufacturers that refuse to play fair.”

    In 2016, imports of wire rod from Belarus, Russia and the UAE were valued at an estimated $10.4 million, $32.3 million and $7 million, respectively.