Beijing, China (PressExposure) July 15, 2009 -- On June 30, 2009, The Ministry of Commerce announced that China will terminate the imposition of anti-dumping duties on newsprint paper from United States, Canada and Korea. In 1999, China began levying 10-years anti-dumping duties on newsprint paper from these three countries at a tax rate of up to 78%. Within the past ten years, Chinaâs newsprint paper industry has developed substantially with local enterprises dominating the market. The import duties have been repealed the anti dumping duties as foreign newsprint paper enterprises no longer have a price advantage over domestic producers.
Recently, the International Trade Commission of US (ITC) suggested that US shall impose a 55% peak customs duty on Chinese wheels as a penalty duty. The ITC announced that it will adopt special measures on wheels produced in China putting forward a 3 years special duty on passenger cars and light trucks using wheels made in China. The announced duties are 55% for the first year, 45% for the second year and 35% for the third year. Statistics have shown that the United States imported 46 million wheels from China in 2008 and was the largest importer of Chinese manufactured wheels. A final decision on the measures will be made by President Obama in September. The Ministry of Commerce in China has not yet responded to the proposed measures.
Scott Garner of Lehman Tax & Accounting commented that ârecently the Chinese government has voiced its concerns over various proposed import duties put forward by the Obama administration. At the same time, the Chinese government has stated that it would not respond in kind and initiate a trade war with the US. While many of our clients are concerned about raised tariffs and duties, I think eventually both sides will resist the temptation to engage in a self-destructive trade war. Particularly in this economic environment, exports are key to growing the national economy on both sides. Increased tariffs and trade wars are not conducive to export activity.â
Lehman Tax & Accounting is a prominent Chinese CPA and business advisory firm with offices in Beijing, Shanghai, Shenzhen, Hong Kong, and Mongolia.
To learn more about Lehman Tax & Accounting, please visit the firmâs website at http://www.lehman.com.cn.