U.S. sets duties on Korean steel pipe for dumpingUpdated: 2014-07-12 18:15:15 (KST)
The United States will levy punitive tariffs on Korean steel pipe imports after it determined that the pipes were being sold for less than the cost of producing them.
The U.S. Commerce Department on Friday said that Korean steel pipe exporters subject to the tariffs will be required to pay duties ranging from nine.eight nine (9.89) to 15.seven five (15.75) percent.
The department's decision reverses one of the most contentious trade disputes in the U.S. in years.
Back in February, the Commerce Department found all countries BUT Korea had sold imports below cost, excusing the country from duties.
The Korean government and industry representatives say they'll file an appeal with the World Trade Organization.
Korea exported steel pipes worth 8-hundred-30 million dollars to the U.S. in 2012.
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