Commerce sets duties for dumped South Korean bearings

Magazine Archive Uncategorized

   The Commerce Department has announced preliminary antidumping duties on certain tapered roller bearing imports from South Korea.
   Dumping occurs when a foreign company sells its products in the United States at less than fair value.
   “The United States values its relationship with Korea, but our trading partners must play by the rules,” said Commerce Secretary Wilbur Ross in a statement. “We will continue to review all information related to this case before making our final determination.”
   Specifically, Commerce found during its investigation that Schaeffler Korea Corp. and Bearing Art Corp. were dumping bearings on the U.S. market at preliminary margins of 21.23 percent and 45.53 percent, respectively. It also established a preliminary dumping margin of 33.42 percent for all other South Korean producers and exporters of these products.
   As a result of the preliminary affirmative determination, Commerce will instruct U.S. Customs and Border Protection (CBP) to require cash deposits based on these preliminary rates.
   Commerce noted that imports of certain tapered roller bearings from South Korea in 2016 were valued at $60.1 million.
   Timken Co. of North Canton, Ohio is the petitioner for this antidumping investigation.
   Commerce is scheduled to announce the final determination in this investigation by April 16, although this deadline may be extended
   If Commerce makes affirmative final determinations of dumping and the U.S. International Trade Commission (ITC) makes an affirmative final injury determination, Commerce will issue an antidumping order. If Commerce makes a negative final determination of dumping or the ITC makes a negative final determination of injury, the investigation will end and no order will be issued.

Importing and managing the logistics of your precious freight is no easy task. Compliance to U.S. Customs & Border Patrol is essential to your cargo clearing customs. Use a freight forwarder to lower your chances of having shipment delays and to oversee all of your international freight logistics. Contact a customs broker to file your ISF and issue any pre-alerts to avoid penalties and delays, and arrange your ocean freight and imports customs clearance.

Leave a Reply

Your email address will not be published. Required fields are marked *