Wilbur Ross Hits Chinese Cabinet Manufacturers With $4.4 Billion Countervailing Duty – Beijing Caught W/ Stunning 200%+ Subsidy Rate For Chinese Companies…

The Last Refuge | 8/7/2019 | sundance
Celtics2212 (Posted by) Level 3
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Wow. Go Wilburine! U.S. Commerce Secretary Wilbur Ross has slapped a whopping $4.4 billion countervailing duty on Chinese cabinet manufacturers. The rate of manufacturing subsidy identified within the ‘wood cabinet‘ study shows a massive 229% subsidy rate via discounted land, free lumber, electricity, raw materials, direct grants from government and discounted loans from Chinese banks to enhance export incentives.

The current study and duty only applies to wood cabinets and vanities, but if you ever wondered how come Chinese furniture is so cheap, well, it’s not a stretch to consider those same subsidy rates likely apply to their household furniture and wood products.

Bloomberg - Add - Cabinets - List - Goods

(Bloomberg) Add $4.4 billion in imported cabinets to the long list of Chinese goods slapped with U.S. levies in the escalating trade dispute between Washington and Beijing.

The Commerce Department said Tuesday it will ask the U.S. Customs and Border Protection to collect cash deposits from importers of the wooden cabinets and vanities from China based on subsidy rates of as much as 229%. Commerce issued a preliminary determination in response to a petition filed earlier this year by the American Kitchen Cabinet Alliance, alleging at least $2 billion in harm from the Chinese shipments.

Petition - Margins - % - Tim - Brightbill

The petition alleged dumping margins of more than 200%. Tim Brightbill, a trade lawyer from Wiley Rein LLP in Washington representing the industry, said in March that Chinese exporters get double-digit subsidy margins based on the number of programs supporting their domestic industry, including discounted land, electricity, raw materials, grants, discounted loans and export incentives.

That $4.4 billion is a pretty hefty duty within a relatively small manufacturing sector. Can you imagine if anyone has filed a trade/manufacturing complaint against the much larger ‘wood furniture’ and household goods? Jumpin’ ju-ju bones.

News - Lot - Exporters - Manufacturing - China

In related news a lot more exporters operating manufacturing in China are starting to see the writing...
(Excerpt) Read more at: The Last Refuge
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