💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

U.S. trade panel says imports of aluminum foil from China harm U.S. producers

Published 03/15/2018, 12:30 PM
© Reuters. FILE PHOTO: An employee looks at an aluminium foil roll being lifted at a plant in Binzhou

WASHINGTON (Reuters) - The U.S. International Trade Commission said on Thursday it had made a final finding that imports of aluminum foil from China hurt U.S. producers, a move that locks in place hefty duties of up to 188 percent on Chinese exporters.

The "final phase" finding came in an anti-dumping and anti-subsidy case brought by the Aluminum Association Trade Enforcement Working Group.

The final finding means the U.S. Commerce Department can put in place for five years antidumping and countervailing duties it announced on Feb. 27 on a number of Chinese firms.

The department announced that dumping margins would range from 48.64 percent to 106.9 percent and anti-subsidy rates from 17.14 percent to 80.97 percent.

The action is separate from U.S. President Donald Trump's imposition of a global aluminum tariff of 10 percent and a global steel tariff of 25 percent.

China expressed "strong dissatisfaction" after the U.S. Commerce Department announced its findings in February, and the country's Ministry of Commerce said it would take steps to protect its legal rights and interests in the matter.

© Reuters. FILE PHOTO: An employee looks at an aluminium foil roll being lifted at a plant in Binzhou

Wang Hejun, the head of the ministry's Trade Remedy and Investigation Bureau, said in the statement the U.S. finding "disregarded WTO rules" and would seriously damage China's aluminum foil exporters.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.