The U.S. Slaps Duties on 'Subsidized' Chinese Steel Wire

The United States on Aug. 30, 2011 hit Chinese exporters of steel wire with up to 253 percent duties for allegedly unfair subsidies they receive from the government.

The US International Trade Administration announced a preliminary finding that Beijing was giving countervailable assistance to a number of exporters of galvanized steel wire, used in a variety of sectors, including construction and agriculture.

It ordered US Customs to begin collecting deposits or bonds on the Chinese imported goods ahead of a Commerce Department and US International Trade Commission affirmation of the ruling.

The punitive import duties on Chinese steel wire ranged from 21.6 percent to 48.9 percent depending on the producer/exporter.

But one, Shandong Hualing Hardware and Tool Co.,was hit with a 253 percent countervailing duty for "failing to respond" to information requests from the US agency.