May 22, 2009

TRADE WAR: ITC Rules in Favor of US Steelmakers

The quasi-independent International Trade Commission has ruled unanimously in favor of an anti-dumping countervailing tariff suit brought by US Steel and other American steel producers against imports of oil country tubular goods such as steel pipe from China. Next step is a determination by the US Dept. of Commerce on how much tarrif to apply - could be as high as 90% or more. After that, expect heavy handed retailiation from Beijing, higher prices for US buyers of the product which they will pass on to consumers causing inflation, and then relocation of source material from another country such as India until the next complaint is filed by an American steel company. Rinse. Repeat.
My original report on this story when it the challenge began is linked here....

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