US authorities said Tuesday that cold-rolled steel from China will attract import duty of nearly 266 percent as it has been determined that the products were being sold at unfairly low prices.
The duties will be imposed within the next week, the Commerce Department said in a preliminary decision, according to the Wall Street Journal.
Apart from China, tariffs were also imposed on steel from six other nations, namely Brazil, India, South Korea, Russia, Japan and the UK.
The duties on products from those nations are said to be within the 6.9 percent to 39 percent range.
The tariffs came following complaints from steel producers such as US Steel Corp. and ArcelorMittal.
Lakshmi Mittal, CEO of Arcelormittal, which has big operations in the US, said in a recent interview that he was counting on tariff protection to help save his US mills.
Tariffs will help prices, Mittal said, accusing Chinese steel producers in particular of dumping.
Although China is only the seventh biggest exporter of steel to the US, Chinese steelmakers have received the most attention because they have the ability to disrupt the market, the Journal noted.
Chinese prices tend to be 20 to 50 percent lower than those of other exporters.
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