The US Department of Commerce found a higher level of dumping from some South Korean exporters of corrosion-resistant steel, raising the level of potential tariffs to as much as 48 percent from a preliminary rate of as much as 3.5 percent.
Chinese producers of the metal may now face anti-dumping duties of 210 percent, compared with a preliminary finding of 256 percent in December last year.
The commerce department’s announcement marks a final decision in the first of a series of trade cases in which domestic steel producers have accused producers in China and four other countries of selling the metal unfairly.
It clears the way for the first duties to be assigned on steel products since the US industry began filing cases a year ago.
Companies including US Steel Corp and Nucor Corp allege that steel mills in Taiwan, China, South Korea, India and Italy had dumped the metal in the US.
The International Trade Commission is scheduled to make its decision next month on whether domestic steelmakers were injured by unfair trade, after which the government would order duties on the products.
The rulings are part of a package of cases involving five different steel products, from basic steel coils to plates used by machinery manufacturers and products that have been treated for strength and flexibility and coated to prevent rust.
The ruling harms the rights of Chinese companies, and China will take measures to ensure their fair treatment, the Chinese Ministry of Commerce said in a statement.
The anti-dumping rates imposed on Chinese imports are much higher than those from other regions, which is a discriminatory practice, it said.
Nissan Motor Co has agreed to sell its global headquarters in Yokohama for ¥97 billion (US$630 million) to a group sponsored by Taiwanese autoparts maker Minth Group (敏實集團), as the struggling automaker seeks to shore up its financial position. The acquisition is led by a special purchase company managed by KJR Management Ltd, a Japanese real-estate unit of private equity giant KKR & Co, people familiar with the matter said. KJR said it would act as asset manager together with Mizuho Real Estate Management Co. Nissan is undergoing a broad cost-cutting campaign by eliminating jobs and shuttering plants as it grapples
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
The Chinese government has issued guidance requiring new data center projects that have received any state funds to only use domestically made artificial intelligence (AI) chips, two sources familiar with the matter told Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centers that are less than 30 percent complete to remove all installed foreign chips, or cancel plans to purchase them, while projects in a more advanced stage would be decided on a case-by-case basis, the sources said. The move could represent one of China’s most aggressive steps yet to eliminate foreign technology from its critical infrastructure amid a