7/9/2019, 6:39 AM (Source: TeleTrader)
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US to impose duties on steel from China, Mexico

United States Department of Commerce announced it will impose additional duties on steel imports from China and Mexico as a result of its countervailing duty investigations. The probe determined that both countries gave their exporters countervailable subsidies of up to 177% in China and 74% in Mexico. An investigation into Canadian exports showed no need for punitive measures. The department added it will instruct US Customs and Border Protection to collect cash deposits from importers of fabricated structural steel from China and Mexico.

Mexican Deputy Foreign Minister for North America Jesus Seade commented on the move, stating that it does not put into question the United States-Mexico-Canada Agreement (USMCA) and that the measures are directed at a number of private companies and not at the country's steel industry in general.

The US Commerce Department said its final determinations on the countervailing duty investigation are expected around November 19.

Breaking the News / DJ