Breaking News! A new round of anti-dumping investigations has hit
Your foreign tire resources may be blocked soon!
On May 13th, 2020, the United Steelworkers Union (USW) filed new trade petitions with Department of Commerce (DOC) and the International Trade Commission (ITC) seeking antidumping (AD) and countervailing (CVD) duties on passenger vehicle and light truck (PVLT) tires from Thailand, Korean, Taiwan, and Vietnam. In addition to the numerous government subsidies that had benefited Vietnamese tire producers, such as loans, tax breaks, and grants, the USW claimed the dumping margins are as high as 217% for those countries. Within the next 45 days, the ITC will evaluate the petitions and determine if the imports are hurting the U.S. tire industry. If the ITC approves, the case will move to the DOC to calculate the preliminary AD and CVD duty margins for those countries.
In 2015, USW succeeded in seeking AD and CVD duties from China on PVLT tires that remain in place today which resulted in dramatically shrunk in Chinese imports. Now, USW is targeting more countries from the APEC. This is alarming to all U.S. tire importers, and it may be a good time to start looking for alternative resources or pileup your stocks.
“The U.S. economy faces unprecedented risks from the coronavirus if fiscal and monetary policymakers don’t rise to the challenge,” Federal Reserve Chair Jerome Powell said. Moreover, more and more investors believe the economy may not recover sooner than expected. Low demand from consumers may lead to a new price war between U.S. businesses.
Jordan and Jordan is continually monitoring this new petition and will provide you with the latest updates. Meanwhile, check out our exclusive tire program for managing your Product Liability Risks. We also provide customized solutions to turn your insurance cost into revenue. To check your qualification, click the button below.