U.S. Raises Duties on China Fridge Magnets

11/07/2008 12:00 - 827 Views

Controversy over "unfairly priced" fridge magnets from China and Taiwan has local companies in the U.S. asking for higher import duties to the two suppliers.

Ohio-based Magnum Magnetics Corp. was one of the companies that felt that Chinese and Taiwanese exporters are given financial support from their governments, unfairly pricing and selling magnets, thus increasing unjust competition. The U.S Commerce Department has therefore raised duties on fridge magnets from China up to 300 per cent and from Taiwan 38 per cent to counterbalance "unreasonable pricing and government subsidies".

Media reports that the Commerce Department set a 109.85 per cent countervailing duty on all refrigerator magnets from China to make up for government financial aid as well as an additional antidumping duty of 105 per cent on Guangzhou Newlife Magnet Electricity Co. and 185.28 per cent on all other Chinese suppliers to bar them from selling at below normal prices in the United States.

By Wayven Pienaar, on Saturday, 05 July 2008
Published in : The News, News July 2008
Last update : Saturday, 05 July 2008

Source: www.bizchina-update.com