U.S. Secretary of Commerce Wilbur Ross announced an affirmative preliminary determination in the countervailing duty (CVD) investigation of passenger vehicle and light truck (passenger tires) tires from Vietnam. The Commerce Department preliminarily determined that exporters and producers from Vietnam received counter available subsidies with rates ranging from 6.23 percent to 10.08 percent. Among the subsidies preliminarily countervailed is Vietnam’s undervalued currency – making this the first time that Commerce has ever made an affirmative CVD determination regarding a foreign currency with a unitary exchange rate.
“Today’s preliminary determination represents an important step forward for the America First trade agenda,” said Secretary Ross. “The Trump Administration remains vigilant against foreign actors that take advantage of American workers and businesses, and we will continue addressing this issue to ensure American industry competes on a level playing field.”
As a result of today’s decision, Commerce will instruct U.S. Customs and Border Protection to collect cash deposits from importers of passenger tires from Vietnam based on these preliminary rates noted above.
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