US ITC Okays anti-dumping tariffs on Korean tire imports

WASHINGTON -- The US International Trade Commission (ITC) on Wednesday decided to approve anti-dumping tariffs on car tires imported from South Korea, Taiwan, Thailand and Vietnam.

The final decision comes about a month after the US Department of Commerce said it will impose anti-dumping tariffs of between 14.72 percent and 27.05 percent on passenger vehicle and light truck tires from the four countries.

The ITC said it has determined "that a US industry is materially injured by reason of imports of passenger vehicle and light truck tires from Korea, Taiwan, and Thailand."

As a result of its decision, the Commerce Department will "issue antidumping duty orders on imports of these products from Korea, Taiwan, and Thailand, and a countervailing duty order on imports of these products from Vietnam," it added.

The ITC noted there existed about 14 US manufacturers of such products while imports make up nearly half of its estimated $20.1 billion market.

Imports from the four countries amounted to about $4.4 billion in 2020, and South Korea is the second-largest supplier of passenger vehicle and light truck tires to the US after Taiwan by volume, according to the ITC. (Yonhap)