US Commerce Department had opened investigations into vehicle tire imports from South Korea, Taiwan, Thailand, and Vietnam as part of its anti-dumping action. They did it to check if those tires are sold cheaper than the fair value.
United Steelworker as a representative of 850,000 workers at tire plants located in eight states: Alabama, Arkansas, Indiana, Kansas, Ohio, North Carolina, New York, and Virginia had filed a petition related to antidumping (AD) and countervailing duty (CVD) on dumped and subsidized passenger vehicle and light truck (PVLT) tires to Department of Commerce and the International Trade Commission.
It is found that the dumping margin is varies ranging from 43% to 195% for Korea, 21% to 116% for Taiwan, 106% to 217.5% for Thailand, and 5% to 22% for Vietnam. All of those will benefit foreign tire producers, including loans, tax breaks, and create disadvantages for US local industries, causing reduced market share, profit, and increase unemployment.
All of this condition worsened by the ongoing coronavirus pandemic which already infected more than two million people and causing more than a hundred thousand deaths. The US is the worst affected country by the Coronavirus. This might also affect the US economy in the long run, costing trillions of dollars off on economic growth. The government and the Federal Reserve have taken action by pouring a multi-trillion-dollar stimulus package to stimulate the economy. Despite all of the actions taken by the government and numerous forecasters expect economic output to begin growing again in the third quarter, the economic condition right now is still full of uncertainty. The unemployment rate is around an all-time high in April 2020 since millions of workers have lost their job.
Even though the market is still full of uncertainty, the opportunity still lay ahead as long as we have the perseverance to keep looking for one. China International Tire Expo (CITEXPO) might be a perfect solution for a tire-related business to learn about any new information and tire market update, find a new tire international or domestic trading partner, introduce your brand on Chinese market or even global scale, and many other benefits. Our show will be held on 16th – 18th August 2021 at Shanghai World Expo Exhibition & Convention Center, China. We would be glad to have you join us, see you next year!
For further information, please visit the official website at http://www.citexpo.com.cn or email: email@example.com / Tel.:+86(0)10-8589-8181