Mon, Sep 02, 2019 - Page 15 News List

Tariffs on steel extended

Staff writer, with CNA

Taiwan has extended anti-dumping tariffs on Chinese and South Korean steelmakers for another five years after an investigation found that firms in those countries have sold their products at unfairly low prices in the Taiwanese market, causing material damage to their peers here.

In an announcement posted by the Ministry of Finance’s Customs Administration on Thursday last week, the punitive levy has been extended from Thursday to Aug. 28, 2024, against Chinese and South Korean exporters of some steel products, including stainless steel and cold-rolled coils and sheets.

The steel items are used in a wide range of products, including auto parts, kitchen equipment, computer components, electrical motors, cable cars, shipping containers and building materials, it said.

The tariffs stand at 38.11 percent for China and 37.65 percent for South Korea, the Customs Administration said.

During the previous round of punitive tariffs from Aug. 15, 2013, to Aug. 14 last year, Chinese steelmakers had tariffs of 20.18 percent to 38.11 percent on their products, while South Korean firms faced tariffs of 26.53 percent to 37.65 percent.

The Customs Administration launched a probe into some steel products imported by Chinese and South Korean firms after Yieh United Steel Corp (燁聯) and Tang Eng Iron Works Co (唐榮) filed a petition on Aug. 8, arguing that the termination of the tariffs could harm Taiwan’s steel market if they continued to dump their products here.

After consulting with the Ministry of Economic Affairs, the Customs Administration ruled that no evidence showed that extending the anti-dumping tariffs would hurt Taiwan’s economy, so it extended them for five years.

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