Business
Final Countervailing and Antidumping Duty Rates Announced in US Trade Investigation Against Chinese Import Plywood
TRADING SYMBOL: Toronto Stock Exchange - HWD LANGLEY, BC , Sept. 18, 2013 /CNW/ - ...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nLANGLEY, BC, Sept. 18, 2013 /CNW/ - Hardwoods Distribution Inc.\n (\"Hardwoods\" or the \"Company\") today announced that the US Department\n of Commerce (\"Commerce\") has issued its final determination regarding\n countervailing duties (\"CVD\") and antidumping duties (\"AD\") against\n hardwood plywood manufactured in China and imported into the United\n States.  The trade petition was brought by a coalition of U.S. plywood\n manufacturers (\"U.S. Manufacturers\"), alleging that Chinese imports are\n sold in the United States at prices below cost and are subsidized by\n the Government of China.  Hardwoods estimates that currently 14% of its\n total sales are of product imported from China that would be subject to\n the outcomes of this trade dispute.\n\n\nIn its ruling Commerce imposed a final CVD rate of 13.58% and final AD\n rate of 59.46%, for a total combined final CVD/AD duty rate of 73.04%. \n These final CVD/AD duty rates need to affirmed by a second U.S.\n government agency, the International Trade Commission (\"ITC\").  The ITC\n must determine whether the U.S. Manufacturers have been injured or are\n threatened to be injured (\"Injury Ruling\") by competition from imported\n Chinese plywood.  The ITC is expected to issue their Injury Ruling at\n the end of October.  If the ITC rules \"for\" injury, then the final\n combined CVD/AD duty rate of 73.04% shall come into effect.  If the ITC\n rules \"against\" injury in its Injury Ruling, then the trade case is\n dismissed.  Hardwoods does not expect to receive any refund of\n previously paid CVD/AD duties, even if the trade case is dismissed.\n\n\nAs announced previously by Hardwoods, actions taken by Commerce earlier\n in its investigation had imposed a preliminary CVD rate of 22.63% and a\n preliminary AD rate of 22.14%. Under US trade law, preliminary duties\n can only be collected for an interim period.  As a result the\n preliminary CVD rate expired on July 12, 2013.  The preliminary AD rate\n of 22.14% currently remains in effect, but is expected within a few\n days to be increased to the level of the final AD rate of 59.46% and to\n stay in place until October 30, 2013, approximately the time that the\n ITC issues their Injury Ruling.\n\n\nIf the final CVD/AD...