China Protests US Tyre Duty Ruling
World Economy

China Protests US Tyre Duty Ruling

A US ruling slapping heavy duties on Chinese tyres was flawed, Beijing said, urging Washington to handle the case “prudently”.
The US Commerce Department on Wednesday announced a preliminary judgment levying anti-dumping duties of between 19.17 and 87.99 percent on car and light-truck tyres made in China. A final decision is due in June, AFP reported.
Dumping occurs when a product is sold in a foreign market at less than its domestic price or cost of production.
China’s commerce ministry responded that the ruling had “multiple flaws” and the government is “seriously concerned”.
“Data showed that the US domestic tyre producers have good profits and imported products from China did not cause harm to the US domestic industry,” an unnamed ministry official said in a statement late Thursday.
Chinese tyres have previously had punitive tariffs imposed on them by the US, for three years from 2009. The rate started at 35 percent and was reduced by five percentage points each year.
Those duties “caused severe harm to China-US trade relations”, the official said in the statement.
“(We) hope the US will draw a lesson from that and handle this case in a prudent way to avoid once again undermining cooperation between the two countries’ relevant industries and generating unharmonious elements for China-US trade,” said the official.
The US ruling came on the same day a trade panel cleared the way for duties on certain solar cell products made in China and Taiwan allegedly being unfairly subsidized and dumped.


Short URL : http://goo.gl/SPD0WR

You can also read ...

If both sides continue with tit-for-tat tariffs, the inflation would lead to further increases in interest rates  and give rise to disturbances in the currency markets.
The trade war between the US and China risks substantially...
Hong Kong’s GDP fell to 3.5% in the second quarter.
The outlook for Hong Kong’s economy is darkening as rising...
Many emerging market economies are better prepared now because they have a good international reserve position and they allow their exchange rates  to float more freely.
Italian economist Claudio Borio is considered an authority in...
Crypto Market Struggles as Bitcoin Dips Below $6,000
Bitcoin touched below $6,000 and dozens of smaller digital...
Bankruptcy Soars Among Elderly in United States
A growing number of retirees in the US are filing for...
China Growth Momentum Slows
China’s economy hit a mid-year rough patch as efforts to curb...
Norway to Surpass Sweden
Sweden’s economic prospects have dimmed in recent months and...
Lebanon Economy Struggling
Lebanon’s economy has been in a precarious position in recent...