7/18/2011 3:26:00 PM
NEWS BRIEFS
EU Applies Circumventing Tariffs on Malaysian Fastener Imports
The EU placed 85% tariffs on fasteners imports from Malaysia after investigating all alleged circumvention of antidumping tariffs on Chinese steel fasteners, Fastener+Fixing Magazine reports.
Only eight of 19 Malaysian exporters who applied for an exemption were granted one.
Imports from all other Malaysian companies will be subject to the full 85% antidumping tariff currently applied to steel fasteners from China. That duty will be applied retrospectively from October 2010, forcing importers to pay back duties almost immediately, Fastener+Fixing reports.
The Commission initiated its investigation on October 28, 2010, based on indications that significant volumes of fasteners produced in China were being routed via Malaysia to avoid the 85% antidumping tariffs applied on imports of steel fasteners from China in 2009.
The World Trade Organization’s Appellate Body has rebuked the EU for its 85% tariffs on Chinese fasteners, ruling that the duties break international trade rules in many cases and should be revised to reflect non-market economy treatment. ©2011 GlobalFastenerNews.com
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