The U.S. government hiked tariffs on Chinese cold-rolled steel products by 266 percent Tuesday, along with lesser duties on six other countries for selling the metal in the U.S. at unfairly low prices, also known as dumping.
In a preliminary decision, the U.S. Department of Commerce recommended duties on imports from Brazil, India, South Korea, Russia, Japan and the U.K., citing unfair participation by the governments of these countries to lower the prices of steel products used in industries such as auto manufacturing and construction.
The hikes marked the second time since December that the U.S. has increased tariffs on foreign steel producers after six American steelmakers, including U.S. Steel and Nucor, filed three trade complaints against imports of hot-rolled, cold-rolled and corrosion-resistant steel earlier last year. The trade regulator had called for a 256 percent tariff on corrosion-resistant steel products from China in a preliminary finding in December.
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