WASHINGTON - THE United States has set preliminary anti-dumping duties ranging from 36.53 per cent to 99.14 per cent on Chinese-made steel pipe used in wells to extract oil from the earth, a source familiar with the situation said on Thursday.
US companies imported US$2.63 billion (S$3.67 billion) of 'certain oil country tubular goods' from China in 2008, or more than three times the US$750 million they imported in 2007.
That makes it the largest US trade action ever against China by volume of imports. It tops President Barack Obama's decision in September to slap a 35-per cent tariff on about US$1.85 billion of Chinese-made tires.
The prevailing duties announced on Thursday reflect the Commerce Department's determination of how far below 'fair market value' Chinese companies are selling steel pipe and tubing product in the United States.
They are in addition to preliminary countervailing duties of 10.69 per cent to 30.69 per cent the Commerce Department announced in September to offset Chinese government subsidies to encourage production of the steel goods. -- REUTERS
