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Hardwoods Announces Update Regarding US Trade Investigation Against Chinese Import Plywood
Hardwoods Announces Update Regarding US Trade Investigation Against Chinese Import Plywood...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\n\nHardwoods Announces Update Regarding US Trade Investigation Against Chinese Import Plywood\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLANGLEY, BC, Dec. 4, 2017\n\n\n\nTRADING SYMBOL: Toronto Stock Exchange – HWD\n\n\n\nLANGLEY, BC, Dec. 4, 2017 /CNW/ - Hardwoods Distribution Inc. (\"Hardwoods\" or the \"Company\") today provided an update regarding the US trade case against hardwood plywood manufactured in China and imported into the United States.  The Company estimates that approximately 11% of its total sales is product imported from China that would be subject to the trade case.  \n\nAs previously announced, on November 18, 2016, this trade case was initiated by US domestic hardwood plywood manufacturers seeking the imposition of countervailing duties (\"CVD\") and antidumping duties (\"AD\") against imported hardwood plywood imported from China. On April 19, 2017 the Department of Commerce (\"Commerce\") announced a preliminary CVD of 9.89%, and on June 20, 2017 Commerce announced a preliminary AD of 57.36%. The duties applied to most Chinese producers, including those that Hardwoods does business with. On November 13, 2017 Commerce announced final CVD and AD rates of 22.98% and 183.36% respectively. \n\nThe concluding phase of this trade case then passed to a separate US government body, the International Trade Commission (\"ITC\"), to rule on whether final CVD and AD duties determined by Commerce would be affirmed or rejected.  On December 1, 2017, the ITC voted affirmatively that the final CVD and AD rates determined by Commerce will be implemented (the \"Final Determination\"). \n\n \"We are pleased to have reached the Final Determination,\" said Rob Brown, President and CEO of Hardwoods.  \"Over a year has passed since this trade case was launched, making purchasing decisions for this product line a challenge while investigations were ongoing.  Looking forward, the final combined duty rate of 206.34% is expected to make Chinese hardwood plywood non-competitive in the US market. However, we hav...