China Enforces Anti-Dumping Duties, Aims for Trade Equilibrium
China imposes anti-dumping duties on imports of polyformaldehyde copolymer from the US, EU, Taiwan, and Japan due to unfair trade practices causing industry harm. Meanwhile, China and the US agree to halt reciprocal tariffs, signaling a new phase in their economic relations with ongoing dialogue prioritizing mutual understanding.
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- China
In a decisive move, China's Commerce Ministry announced the imposition of anti-dumping duties on polyformaldehyde copolymer imports from the United States, European Union, Taiwan, and Japan. Effective from May 19 for five years, this measure follows an investigation revealing damaging dumping practices, with duties varying from 3.8% to a substantial 74.9%.
This chemical is predominantly utilized in manufacturing sectors such as auto parts, industrial machinery, electronics, and sports equipment, serving as an alternative to metals like copper and zinc. The decision coincides with Beijing and Washington agreeing to suspend recent reciprocal tariffs, marking a diplomatic step for a 90-day period of reconsideration.
The US and China released a joint statement underscoring their commitment to a balanced economic relationship crucial to global trade. This understanding has led to the establishment of a dialogue mechanism, involving officials like China's Vice Premier He Lifeng and US representatives Scott Bessent and Jamieson Greer, aimed at resolving trade concerns.
(With inputs from agencies.)
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