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US reduces tariffs on hot-rolled steels from South Korea

14 Jun 2019 16:37 reported by Sammi Lin

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It was reported that the US government announced to cut the tariffs today (June 14th) on hot-rolled steel products that were imported from South Korea.

The countervailing duty (CVD) from POSCO was expected to reduce to 0.55% from 41.57% after the annual review. Since the year of 2016, the US decided to impose 58.86% CVD on hot-rolled steel products from South Korean POSCO.

However, the US government was asked to reduce to 41.57% last month by the US Court of International Trade (USCIT) due to lack of reasonable reasons.

The tariffs on Hyundai Steel would be lowered to 0.58% from the previous 3.95%, and CVDs on other steel mills would come to 0.56%.

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