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February 14, 2018

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Cash deposits imposed on US chemical

Source: AP | 00:01 UTC+8 February 14, 2018 | Print Edition

CHINA told importers of a US industrial chemical to start posting deposits yesterday in preparation for possible anti-dumping duties.

A preliminary ruling by the Ministry of Commerce said styrene monomer from the United States, South Korea and Taiwan is being sold at prices 5 to 10.7 percent below the proper level. The chemical is widely used to make packaging and consumer products.

Importers must now pay cash deposits while the ministry completes its investigation.

The ministry said in its ruling the Chinese styrene industry has been “substantially damaged” by dumping, which occurs when manufacturers sell a product to another country at unusually low prices.

The decision follows President Donald Trump’s approval last month of higher tariffs on Chinese-made solar equipment and washing machines that Washington said were sold at unfairly low costs.

China’s steady accumulation of multibillion-dollar trade surpluses with the US — which widened in January to US$21.9 billion — has prompted demands for import controls.

Meanwhile, Chinese authorities have accused Trump of threatening the global trade regulation system by taking action under US law instead of through the World Trade Organization. Beijing has filed a challenge in the WTO against Washington’s latest trade measures. It also launched an anti-dumping probe of US sorghum exports earlier this month.

Styrene monomer figures in plastic packaging, as well as low-cost consumer products, which are central to China’s e-commerce industry.

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