(ATTN: UPDATES with USITC's press release in paras 2, 7)
By Lee Haye-ah
WASHINGTON, July 14 (Yonhap) -- The U.S. International Trade Commission voted Tuesday to continue investigations into potential dumping of tire imports from South Korea and three other Asian nations.
The commission said in a press release that it determined there is a "reasonable indication" that a U.S. industry is "materially injured" by imports of passenger vehicle and light truck tires from South Korea, Taiwan, Thailand and Vietnam.
The vote allows the U.S. Commerce Department to continue the antidumping and countervailing duty investigations it began on June 23 in response to a petition filed by United Steelworkers (USW), a trade union representing industries including tires.
The USW said U.S. tire companies face a reduced market share, falling profits and job cuts despite increased demand for passenger vehicle and light truck tires.
In 2019, the U.S. imported about 85.3 million tires worth US$4 billion from the four nations, including $1.2 billion worth of tires from South Korea. The volume of tire imports was up 20 percent from 2017, the department said in a statement.
The department also said the alleged dumping margins ranged from 43 percent to 195 percent for South Korea, 21-116 percent for Taiwan, 106-217.5 percent for Thailand and 5-22 percent for Vietnam.
A determination on countervailing duties is due around Aug. 26, while a determination on antidumping duties is due around Nov. 9, according to the commission.
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