Tuesday, 19 March, 2019

Commerce issues final AD, CVD duties on Chinese aluminum foil imports

Aluminium-Herstellung in China China Strongly Dissatisfied With US Anti Dumping Duties on Chinese Aluminum Foil REUTERS Stringer
Patty Aguilar | 02 March, 2018, 06:18

The US Department of Commerce determined Tuesday antidumping and countervailing duties on aluminum foil imports from China, with the decision now to go to the International Trade Commission.

The issue is the latest in a round of trade restrictions brought in by the Trump administration to make good on his promises to crack-down on "lop-sided" trade between the USA and China.

Commerce Department investigators had reached preliminary findings in August and in October that Chinese exporters were dumping aluminum foil, worth an estimated $389 million in 2016, on the United States market. The department also alleges that China "is providing unfair subsidies to its producers of aluminum foil at rates of 17.17 to 80.97 percent".

In the investigations, the United States still treated China as "a non-market economy" based on its domestic laws and used the "surrogate country" approach to calculate unreasonably high anti-dumping duties ranging from 48.64 percent to 106.09 percent, Wang said.

The US has also initiated investigations into imports of large diameter welded pipes from Canada, China, Greece, India, Korea and Turkey, cast iron soil pipe fittings from China, and rubber bands from China, Sri Lanka and Thailand.

The US Commerce Department has made the wrong decision by levying high duties "without any evidence" and has unreasonably and excessively adopted trade remedy measures, which will affect its domestic employment and undermine the welfare of US consumers, Wang added. The dumping margins ranged from 48.64 percent to 106.09 percent.

The "beast from the east" grips Europe
There is also a yellow warning for snow in place for the North East for the remainder of tomorrow and Saturday. Another top-level Red alert for heavy snow has been issued with Storm Emma poised to batter the UK.

Trump's strategy with the American Embassy in Mexico
Jacobson's departure joins a steady stream of senior career diplomats who have left during the Trump administration. Appointed by former President Barack Obama , Jacobson became the ambassador to Mexico in May 2016.

SBI, PNB hike lending rates
Typically, while extending a home loan , banks keep a spread over the MCLR which results in a higher interest rate on these loans. Home loan and personal loan borrowers will be affected by the revised rates as it would affect the interest rates on loans.

"We appreciate Secretary [Wilbur] Ross' leadership in enforcing rules-based global trade", Heidi Brock, president of the Aluminum Association, said in a statement.

The most controversial issue so far is Commerce Secretary Wilbur Ross's recommended remedies on steel and aluminum imports, which are awaiting action by President Donald Trump.

Many US businesses withdrew from aluminum foil production to direct more resources into other aluminum markets that were more profitable more than 20 years ago, Wang said.

Such measures will affect its domestic employment and undermine the welfare of United States consumers, stated Wang, who added that China will take necessary measures to protect its legal rights and interests in the USA wrongdoing. The ITC will announce its ruling on March 15.

The duties will be levied on several Chinese firms - ranging from nearly 50% to more than 100%.

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