The European Union cut tariffs on screws and bolts from China to take account of a World Trade Organization ruling against elements of the EU decision to apply the levies.
The EU reduced the duties on Chinese iron or steel fasteners to a maximum 74.1 percent from as high as 85 percent after China won a WTO dispute over the trade protection. The taxes punish Chinese exporters including Gem-Year Industrial Co. (601002) for selling the fasteners — used for everything from automotive parts to furniture — in the 27-nation bloc below cost, a practice known as dumping.
The EU imposed the anti-dumping duties (EUGNEMUQ) for five years in January 2009 to curb competition for European fastener manufacturers such as Italy’s Fontana Luigi SpA, prompting the Chinese government to complain to the WTO. In December 2010, the Geneva-based global trade arbiter ruled against aspects of the European measures and gave the EU specific remedies.
The revised duties, published today in the EU Official Journal, range from 22.9 percent to 74.1 percent, depending on (…)
via EU Cuts Duties on Chinese Screws to Maximum 74.1% After WTO Case – Businessweek.