Hong Kong-listed Chinese steelmaker Tiangong confident of US anti-dumping duty repeal, shrugs off trade war
- Jiangsu province-based company has already successfully appealed against a 251 per cent countervailing surcharge
- Our experience can be used by other Chinese companies affected by US tariffs, says chairman
Hong Kong-listed Chinese maker of high-speed steel and cutting tools Tiangong International said on Saturday it would appeal against an anti-dumping duty imposed by the United States, as it moves to bolster its exports to America amid the US-China trade war.
In January 2017, Chinese steelmakers were hit with combined punitive import tariffs of 319.27 per cent – a 251 per cent countervailing surcharge and a 68.27 per cent anti-dumping duty. In August, Tiangong became the only Chinese steelmaker to win a case against the countervailing duty, which was slashed to 24 per cent.
Chinese steelmakers slide after Trump levies 25pc tariff on US imports
And Zhu Xiaokun, chairman of the Jiangsu province-based steelmaker, said the company was now confident the 68.27 per cent duty would also be slashed to lower than 10 per cent, following its successful appeal against the countervailing duty.
“Victory in the appeal against the countervailing duty has cemented our confidence in further exploring the US market,” Zhu said in an interview. “We are standing firm in our fight against the charges. We are not involved in dumping.”
The US and China have been embroiled in an escalating trade war since July, when the US slapped a 25 per cent punitive tariff on US$34 billion worth of mainland Chinese goods, including steel products. According to estimates about a tenth of China’s steel output, or about 75 million tonnes, was shipped abroad last year.