U.S. raises antidumping tax on HHI transformersThe U.S. government has decided to slap a higher than preliminarily set antidumping rate on large power transformers exported by a Korean shipbuilder, the latest in a series of trade restrictions imposed on locally-made goods under Trump’s administration.
Hyundai Heavy Industries said Thursday that the U.S. Department of Commerce made a filing to impose a 61 percent antidumping duty on large power transformers produced by the shipbuilder.
In September, Hyundai Heavy was levied a 3.09 percent antidumping rate. Two other Korean companies also faced preliminary rates ranging from 1.76 percent to 2.43 percent, according to Hyundai Heavy.
The antidumping ruling came amid concerns that the Trump administration may ratchet up its move toward protectionism under its slogan “America First.”
In January, the U.S. International Trade Commission decided on a 3.96 percent to 5.75 percent antidumping duty on dioctyl terephthalate from two Korean companies.
Industry sources said Korean firms, led by Hyundai Heavy, export some $200 million worth of power transformers to the United States a year.