ITC Votes Unanimously to Continue Tariff Investigation
The tariff investigation of passenger and light truck tires from South Korea, Taiwan, Thailand and Vietnam will continue, as the International Trade Commission has voted unanimously and said there are signs the products are being sold in the U.S. at less than fair value.
The commissioners also agreed the tires from Vietnam are being subsidized by that country’s government.
The 5-0 vote by the ITC commissioners is a vote that continues the preliminary process. The U.S. Department of Commerce will continue with its investigation of anti-dumping and countervailing duties concerning the imported tires from South Korea, Thailand, Taiwan and Vietnam. The Department of Commerce had valued those imports at more than $3.9 billion in 2019. The International Trade Commission estimated their collective worth at $4.4 billion.
On the day of the vote, the ITC doesn’t provide details or substantiation of why commissioners voted the way they did. That will come later in a lengthy, detailed report. It’s scheduled to be released on Aug. 14, the ITC says.
The investigation began in May when the United Steelworkers union filed a petition saying its domestic workers and the domestic tire industry are being harmed by the tires imported from South Korea, Thailand, Taiwan and Vietnam.
The alleged dumping rates range from 5.48% to 217.50% Here's a breakdown of those rates. (The rates can differ from one tiremaker or importer to another.)