EU to impose punitive tariffs on Chinese automotive yarns

Global Gasgoo reported that the European Union recently announced that it imposes punitive tariffs on Chinese automotive yarns exported to the European Union for a period of five years.

It is said that this tariff rate is as high as 9.8%. It is a punishment for the Chinese exporter's high-tenacity polyester yarn to be lower than the EU's selling price. The EU believes that China has dumped polyester yarn into the EU market. Polyester yarns can be used in tire reinforcements, seats, and other conveyor belts. The tax will be effective on December 3, and the targeted Chinese exporters include Wuxi Taiji Industrial Co., Ltd. and other companies.

In the 12 months prior to June 2009, cumulative exports from Chinese companies to the EU have doubled compared to 2005, while the share of European producers in their home market has fallen from 51.1% to 39.2%.