Import Duties News
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The European Union dropped a threat to impose tariffs on bicycles from China to counter alleged subsidies to Chinese exporters, marking a respite in the EU’s wider battle to protect its producers.
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China’s stocks fell the most in a month, led by material and consumer-discretionary companies, after a report showed an unexpected contraction in manufacturing and Japanese equities plunged the most since 2011.
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Suntech Power Holdings Co. tumbled, leading a slump in Chinese equities traded in New York, on concern the European Union will impose import duties on China’s solar products.
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The European Union is poised to penalize imports of Chinese solar products, a move that would increase Europe’s cost for most photovoltaic panels an estimated 45 percent overnight.
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China, the world’s biggest maker of solar panels, is preparing to set anti-dumping duties on imports of the raw material used to make the equipment after determining it was sold below cost, said two people with direct knowledge of the matter.
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Gold premiums in India, the world’s biggest buyer, more than doubled on speculation that government restrictions on bullion imports by banks to rein in a record current-account deficit would reduce supplies.
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Hong Kong stocks fell, with the benchmark index halting a four-day advance, after China’s inflation rose more than expected while producer prices declined. Solar companies slid on a report of European tariffs.
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China’s “surprisingly strong” import growth in the first four months may have been inflated by fake invoices as companies circumvented capital controls to move funds into China, according to Nomura Holdings Inc.
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Latin America’s two largest nations are vying for economic and diplomatic clout as their candidates face off as finalists to head the World Trade Organization.
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Ford Motor Co.’s factories in Thailand are capable of producing eight times more vehicles than it sells locally. With help from a Thai government program, the automaker plans to make sure the excess capacity doesn’t become a liability like at its plants in Europe.
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