U.S. court orders Commerce Department to reassess duty on POSCO: Sources
- 6 years ago
Now to the continuing back-and-forth over the Trump administration's controversial import tariffs.
A U.S. court has reportedly ruled that the Commerce Department must re-assess duties levied against South Korea's largest steelmaker, POSCO.
Kim Mok-yeon tells us more.
Industry sources are claiming that the U.S. Court of International Trade has ordered the U.S. Commerce Department to reassess the countervailing duty it charged against South Korean steelmaker POSCO, which skyrocketed in 2016 due to the application of the 'adverse facts available', or 'AFA' rate.
The AFA rate is a special rating system used by the commerce ministry to levy high tariffs on companies that do not cooperate in the investigation process, such as failing to submit the required documents on time.
According to Yonhap News Agency, citing industry sources, the court ruled on Monday for the Commerce department to adjust the 59.72 percent countervailing duty it imposed on POSCO's cold rolled carbon steel in 2016.
POSCO filed a petition against the decision that same year, as the department had initially imposed a rate of just 0.18 percent during its preliminary judgment in 2015, but adjusted it, by applying the AFA rate,... citing non-compliance of some documents and late disclosure of the raw materials as reasons for the adjustment.
Pundits say... that the duties are likely to be lowered if they are reexamined.
Kim Mok-yeon, Arirang News.
A U.S. court has reportedly ruled that the Commerce Department must re-assess duties levied against South Korea's largest steelmaker, POSCO.
Kim Mok-yeon tells us more.
Industry sources are claiming that the U.S. Court of International Trade has ordered the U.S. Commerce Department to reassess the countervailing duty it charged against South Korean steelmaker POSCO, which skyrocketed in 2016 due to the application of the 'adverse facts available', or 'AFA' rate.
The AFA rate is a special rating system used by the commerce ministry to levy high tariffs on companies that do not cooperate in the investigation process, such as failing to submit the required documents on time.
According to Yonhap News Agency, citing industry sources, the court ruled on Monday for the Commerce department to adjust the 59.72 percent countervailing duty it imposed on POSCO's cold rolled carbon steel in 2016.
POSCO filed a petition against the decision that same year, as the department had initially imposed a rate of just 0.18 percent during its preliminary judgment in 2015, but adjusted it, by applying the AFA rate,... citing non-compliance of some documents and late disclosure of the raw materials as reasons for the adjustment.
Pundits say... that the duties are likely to be lowered if they are reexamined.
Kim Mok-yeon, Arirang News.