U.S. decides anti-dumping duty on South Korean power transformer
Hyundai Heavy Industries, a major shipyard, said that the U.S. Department of Commerce made a filing to impose a 61 percent anti-dumping duty on large power transformers produced by the shipbuilder.
In September last year, Hyundai Heavy was levied a 3.09 percent anti-dumping rate. Two other South Korean firms also faced preliminary rates ranging from 1.76 percent to 2.43 percent, according to the heavy industry company.
The anti-dumping ruling came amid concerns that the Trump administration may ratchet up its move toward protectionism under its slogan "America First."
In January of this year, the U.S. International Trade Commission decided on a 3.96 percent-5.75 percent anti-dumping duty on dioctyl terephthalate (DOTP) from two South Korean companies.
South Korean firms, led by Hyundai Heavy, export some $200 million worth of power transformers to the U.S. a year. ■