China to impose anti-dumping duty on imports of paraformaldehyde copolymer from US, EU, Taiwan and Japan

Beijing: According to Xinhua, the Chinese Commerce Ministry said that starting on May 19, China would apply anti-dumping taxes for five years on imports of polyformaldehyde copolymer from the US, the EU, Taiwan, and Japan.

According to the ministry, an examination found that dumping occurred in the imports of polyformaldehyde copolymer from these countries, harming the polyformaldehyde copolymer sector on the Chinese mainland. According to the statement, the rates of anti-dumping duties would vary from 3.8% to 74.9%.

Auto components, industrial machinery, electrical appliances, sports equipment, and medical equipment are among the industries that mostly employ polyformaldehyde copolymer to partly replace copper, zinc, tin, lead, and other metal elements, according to Xinhua.

Following an agreement between the US and China to remove their previously stated reciprocal tariffs and counter tariffs for a 90-day first period, Beijing made its decision. China will levy 10% tariffs on US products in the meantime, while the US will levy a roughly 30% charge on Chinese imports.

According to a joint statement issued on May 12, the agreement was reached in recognition of the significance of their bilateral trade and economic ties to both nations and the global economy.

Both nations understood the value of a long-term, mutually beneficial, and sustainable trade and economic partnership. After considering their previous conversations, China and the US concluded that further talks may help resolve the issues that each party was having with their trade and economic ties.

The two nations will set up a system to carry on their conversations over trade and economic ties. Vice Premier of the State Council He Lifeng will represent China in these talks, while US Trade Representative Jamieson Greer and US Secretary of the Treasury Scott Bessent will represent the US.

If the Parties agree, these talks may take place in a third nation or, alternatively in China and the US. The joint statement also said that the two parties may have working-level meetings on pertinent trade and economic matters as needed.