April 27, 2024

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[THE INVESTOR] The US government has decided to slap a whopping 61 percent anti-dumping tax on large power transformers produced by South Korean shipbuilder Hyundai Heavy Industries, the company said on March 9.

The final duty is more than 20 times higher than the 3.09 percent rate levied in the preliminary ruling made in August 2016. 

Amid the Donald Trump administration’s mounting protectionist threats against imported goods, the company said it will seek legal action, including filing a petition at the US Court of International Trade.

The company added it will make all-out efforts to minimize the effect by making full use of its manufacturing factory in Alabama.

But some industry sources pointed out that the increased duty is due to the company’s lack of preparedness, not the US government’s trade sanctions.

On the day, another Korean power transformer maker Hyosung was slapped with a 2.99 percent anti-dumping rate, even lower than last year’s 7.89 percent.

By Park Yuna (yunapark@heraldcorp.com)