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The Rule That Made Global Steel Trade Possible
Description
Episode 80 of Global Trade with Fexingo unpacks the obscure anti-dumping agreement that governs over $500 billion in annual steel trade. Lucas and Luna trace how a single World Trade Organization rule from 1994 created the framework for countries to penalize below-cost steel imports without sparking trade wars. They walk through the case of Vietnamese galvanized steel in 2021, where a U.S. investigation imposed duties of 199 percent after proving 'dumping' margins. The hosts explain the three-step calculation: normal value, export price, and the constructed margin. They also discuss why the rule is controversial—critics say it protects inefficient domestic mills, while supporters argue it prevents predatory pricing. Anchored to June 2026, the episode notes that anti-dumping cases have surged 40 percent since 2020, with India, the EU, and Brazil filing the most. A concrete, numbers-driven look at the most-used trade remedy in the world.