21 July 2022 – The United States is imposing high tariffs on Russian products. Among the products affected are steel, aluminium, nickel, cement, wood, petroleum and many other raw materials. The list published by US Customs and Border Protection is long. Almost 600 products or product categories are affected by the US measure. US International Trade Commission (ITC) extends anti-dumping and countervailing duty action against flat rolled steel from China. And EU steel market is increasingly active with rising prices.
US imposes high tariffs on certain Russian imports
The United States has imposed tariffs of 35% on certain Russian imports. Among others, steel products, aluminium products, but also nickel goods and various others, such as cement, wood and petroleum derivatives, are affected. This is according to a list recently published by the US Customs and Border Protection (CBP), which covers almost 600 products or product categories.
The tariffs are listed as so-called column 2 tariffs and are reserved for countries that do not have normal trade relations with the United States. In addition to Cuba and North Korea, Russia is now also listed there.
US anti-dumping and anti-subsidy duties on cold-rolled flat steel extended
The US International Trade Commission (ITC) has decided to extend anti-dumping and anti-subsidy duties on flat-rolled steel from China, India, Japan, South Korea and the UK for another five years.
265.8% anti-dumping duty against China
The extremely high tariffs, especially the 265.8% anti-dumping duty against Chinese flat steel, should be very convenient for US steel producers and keep them largely out of the US market for another five years.
Cold-rolled flat steel, used in the automotive and household appliance industries, is one of the top-selling and most profitable products of domestic steelmakers.
EU steel market with significantly increasing activity
The European steel market is becoming increasingly active. Even the media, which usually tend to focus on negative headlines, have recognised this and are reporting on it. And the EU mills seem to be raising prices already.
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
