EU Imposes Tariffs On Aluminium Products From China

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EU Imposes Tariffs On Aluminium Products From China

The European Union will impose duties of up to 48% on imports of aluminium extrusions from China midway through an investigation into whether Chinese producers are selling at unfairly low prices.

The EU official journal said on Tuesday that the duties, ranging from 30.4 to 48.0%, would apply from Wednesday. The duties are provisional, meaning they will apply until the investigation’s expected completion by April.

At that point, the bloc could apply duties for five years.

https://www.reuters.com

The European Commission, which coordinates trade policy in the 27-nation European Union, opened an investigation in February into the product widely used in transport, construction and electronics after a complaint from industry body European Aluminium.

Members of European Aluminium include Norsk Hydro NHY.OL, Rio Tinto RIO.LRIO.AX and Alcoa AA.N.

China Warns Asian Countries To Be Vigilant On U.S Strategy

China’s metals association has called the complaint groundless.

The duties will be of 30.4% for Guangdong Haomei New Materials Co Ltd 002988.SZ and Guangdong King Metal Light Alloy Technology Co Ltd, while Press Metal International Ltd will see duties of 38.2%.

Other “cooperating” companies would face duties of 34.9% and material from all other companies would see charges of 48%.

China Warns Asian Countries To Be Vigilant On U.S Strategy

Exports in September rose 9.9% from a year earlier, customs data showed on Tuesday, broadly in line with analysts’ expectations and up from a solid 9.5% increase in August.

The strong trade performance suggests Chinese exporters are making a brisk recovery from the pandemic’s hit to overseas orders.

https://www.reuters.com

As the global economy restarts, Chinese firms are rushing to grab market share as their rivals grapple with reduced manufacturing capacity.

“The big picture is that outbound shipments remain strong, with easing demand for COVID-19 related goods such as face masks being mostly offset by a recovery in broader demand for Chinese-made consumer goods,” Capital Economics Senior China

EU Imposes Tariffs On Aluminium Products From China

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