WTO, between 1995 and 2020, it oversaw 137 anti-dumping disputes. Note that dumping cases are

countercyclical. During recessions, case filings increase. During economic booms, case filings go down.

Individual countries have also frequently started their own anti-dumping investigations. The U.S. government

has dozens of anti-dumping orders in place from past investigations. In 2022, for example, some U.S. imports

that were under anti-dumping orders included olives from Spain, steel from South Korea, coated paper from

Indonesia, light commercial vehicles from Germany and Italy, fish fillets from Vietnam, and cellulose pulp

from Canada.

Why Might Dumping Occur?

Why would foreign firms export a product at less than its cost of production—which presumably means taking

a loss? This question has two possible answers, one innocent and one more sinister.

The innocent explanation is that demand and supply set market prices, not the cost of production. Perhaps
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