Korea, Seoul: The U.S. government has decided to slap a higher than preliminarily set anti-dumping rate on large power transformers exported by a South Korean manufacturer Hyundai Heavy Industries Co., the latest in a series of trade restrictions imposed on locally made goods under the Trump administration.
Hyundai Heavy Industries Co. said that the U.S. Department of Commerce made a filing to impose a 61 percent anti-dumping duty on large power transformers produced by the manufacturer, reports Yonhap News.
In September last year, Hyundai Heavy was levied a 3.09 percent anti-dumping rate. Two other South Korean firms also faced preliminary rates ranging from 1.76 percent to 2.43 percent, according to the company.
Industry sources said South Korean firms, led by Hyundai Heavy, export some $200 million worth of power transformers to the U.S. per year.
Source: Yonhap News