02 March,2018 10:16 AM IST | Washington | PTI
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The US has initiated a countervailing duty investigation against import of a specialised kind of plastic -- polytetrafluoroethylene (PTFE) resin -- from India. In the countervailing investigation, the US Department of Commerce will determine whether Indian producers of PTFE resin are receiving unfair government subsidies.
"The Department will act swiftly while ensuring a full and fair assessment of the facts," US Secretary of Commerce Wilbur Ross said. "The Trump administration is committed to the enforcement of America's trade laws that ensure US businesses and workers have a fair chance to compete," he said.
Ross announced that exporters of PTFE resin from India to the US received countervailable subsidies of 3.90 per cent. As a result, the Commerce Department will instruct US Customs and Border Protection to collect cash deposits from importers of PTFE resin India based on these preliminary rates.
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In 2016, imports of PTFE resin from India were valued at an estimated USD 14.3 million. In its investigation at the complaint of Chemours Company FC LLC, the Commerce Department calculated a preliminary subsidy rate of 3.90 per cent for the sole mandatory respondent, Gujarat Fluorochemicals Limited.
This subsidy rate also applies to all other Indian producers and exporters. The Commerce Department is scheduled to announce its final determination on May 15. Enforcement of US trade law is a prime focus of the Trump administration. From January 20, 2017, through February 28 this year, the Commerce Department has initiated 102 antidumping and countervailing duty investigations ¿ a 96 per cent increase from same period in 2016 - 2017.
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