Trade Update – April 8, 2024

Key Trade Remedial Updates

Subject Countries	Product	Investigation (AD – Anti-dumping, CVD – Countervailing, Safeguard)	Particulars
United States of America (Department of Commerce)
India	Granular Polytetrafluoroethylene Resin	CVD	Preliminary Results and Partial Recission of the Countervailing Duty Administrative Review, 2021-2022.
China	Aluminum Lithographic Printing Plates	CVD	Preliminary Determination of Critical Circumstances, in Part.
India	New Pneumatic Off-the-Road Tires	AD	Preliminary Results and Partial Recission of Anti-dumping Duty Administrative Review.
India	Mattresses	AD	Preliminary Determination of Less-Than-Fair-Value Investigation.
Malaysia, Poland, Taiwan and Turkey	Dioctyl Terephthalate	AD	Notice of Institution of Anti-dumping Duty Investigations and Scheduling of Preliminary Phase of Investigation.
China and India	Stainless Steel Flanges	AD and CVD	Initiation and Preliminary Results of Changed Circumstances Reviews and Intent to Revoke the Anti-dumping and Countervailing Duty Orders, in Part.
United Kingdom (Trade Remedies Authority)
China	Cast Iron Articles	AD	Transition Review of Anti-dumping Measure.
European Union (European Commission)
China	Mobile Access Equipment (MAE)	AD	Initiation of Countervailing Duty Proceeding.
India (Directorate General of Trade Remedies)
All	Low Ash Metallurgical Coke	Safeguard	Initiation of Safeguard (Quantitative Restrictions) Investigations.
China and Korea RP	Alloy Steel Chisel/Tool and Hydraulic Rock Breaker in Fully Assembled Condition	AD	Final Findings in Anti-dumping Investigation.
China, European Union, Japan and Korea RP	Sodium Cyanide	AD	Final Findings in Anti-dumping Investigation.
China	Easy open ends of tin plate, including electrolytic tin plate (ETP), measuring 401 Diameter (99MM) and 300 Diameter (73MM) in dimension	AD	Final Findings in Anti-dumping Investigation.
China and Japan	Insoluble Sulphur	AD	Initiation of Anti-dumping Investigation.
China, European Union and Switzerland	Vitamin-A Palmitate	AD	Initiation of Anti-dumping Investigation.
China	Azo Pigment	AD	Initiation of Anti-dumping Investigation.
Iran and Qatar	Linear Alkyl Benzene	AD	Initiation of Anti-dumping Investigation.
China and  United States of America	Potassium Tertiary Butoxide (KTB) and Sodium Tertiary Butoxide (STB)	AD	Initiation of Anti-dumping Investigation.
China	Pearlescent pigments or mica pearlescent pigments, excluding effect pigments for automotive applications	CVD	Initiation of Countervailing Duty Investigation.
China and Taiwan	Plastic Processing Machines	AD	Initiation of Anti-dumping Investigation.
Thailand	Aluminium Foil 80 micron and below	AD	Initiation of a Mid-Term Review of Anti-dumping duty imposed .
China	Saccharin	CVD	Initiation of a Sunset Review Investigation of Countervailing Duty.

WTO/FTAs

• RBI and NPCI push for bringing down cost of remittances at WTO.
• China urges the US to maintain WTO rules in pursuit of fairness.
• China launches WTO dispute over tax credits under the US Inflation Reduction Act.
• External Affairs Minister Jaishankar says that India is cautious about signing FTAs to avoid dumping of subsidized goods.
• External Affairs Minister of India, S. Jaishankar says that India is cautious about signing FTAs to avoid dumping of subsidized goods.
• UK puts digital tax on the table in US trade talks.
• US Treasury Secretary Janet Yellen meets China’s foreign business leaders ahead of trade talks.
• India, Eurasian Economic Union bloc officials hold talks for FTA negotiations.
• India, and Oman conclude trade talks, and to sign deal after the elections in India.
• Bangladesh and China to begin FTA negotiations soon.

Trade Policy

Europe

• The European Commission has opened in-depth investigations against two Chinese solar entities under the Foreign Subsidies Regulation.
• Joint Statement released by EU-US Trade and Technology Council.
• France pushes EU for measures to re-balance trade with China.
• Europe’s restless farmers are forcing policymakers to scale back environment protection rules.

UK

• Brexit import charges may mean a rise in food prices, say trade groups.
• ‘Our profits could disappear’: small UK businesses hit out at new import fees.
• Jumps in domestic orders end two-year UK manufacturing dip.
• UK’s arms export procedures give Israel the benefit of the doubt.

USA

• US Treasury Secretary Janet Yellen to press China on ‘unfair’ trade practices during visit.
• US Treasury Secretary Janet Yellen calls for a level playing field for US workers and firms during China’s visit.
• Biden and Xi discuss US-China bilateral ties during a phone call.
• United States to crack down on trade ‘loophole’ used for China apparel shipments.
• The United States says India permitting unrestricted Russian oil trade remains unacceptable.

India

• PMO asks the Commerce Ministry to examine the Model Text of the Bilateral Investment Treaty.
• India’s trade reliance on China and EU rising: UN trade body.
• India has a favorable trade performance with EU, China in 2023.
• India-Iran trade plummets amid sanctions.
• Steel imports surge: India turns net importer in FY24.
• India supplies essential commodities to Republic of Maldives.
• ‘Longstanding friendship’: Maldives thanks India for allowing export of essential goods amid strained ties.
• Perception about India has changed in UAE, trade between two countries reached $80 billion, says External Affairs Minister S. Jaishankar.
• India risks ‘squandering’ demographic dividend, says World Bank.
• No issues with India over oil payment, we don’t depend on Western rules for trade, says Russia.
• India targets $600 billion textile exports by 2047, aims to create $1.8 trillion domestic market.

China

• China lifts tariffs on Australian wine, ends three-year freeze in trade.
• Russia-China trade payments are facing months of delays as sanction fear creates a banking shortage.
• China-Pakistan border reopens for tourism and trade after 4 months closure.
• China’s Foreign Minister Wang Yi says China to import more from France amid Europe EV probe.
• China’s services trade expands rapidly in first 2 months of 2024.
• Nepal’s Deputy PM Shrestha says Nepal has proposed new trade corridors to China.

Indian Customs and Allied Agencies

• Notification to prescribe export duty on Kala Namak Rice.
• Notification of clarification regarding the quality control order on upholstered composites used for furniture.
• Nepal proposes customs pact with India to curb border trade offences.
• Amendment in Import Policy Condition for Melon Seeds under ITC (HS) Code 1207 70 90 of Chapter-12 of ITC (HS) 2022, Schedule-I (Import Policy).
• India allows additional export of onions (under HS Code 07031019) to UAE.

 

National Security, Sanctions and Export Control

• US issues fresh Iran-related sanctions targeting vessel owner.
• India procures more Middle Eastern crude in March as sanctions tighten on Russia.
• South Korea imposes new sanctions on Russians over North’s weapons programs.
• Russia’s Sokol crude back on move to India despite US sanctions.
• France to propose sanctions at EU level on Russian firms spreading disinformation.
• Russia’s Arctic LNG 2 suspends gas liquefaction amid sanctions, lack of tankers, sources say.
• Targeting Chinese chips, US to push Dutch on ASML services contracts.
• China criticizes US tightening of chip export rules.
• The UK Strategic Export Control List has been updated.
• The EU has notified an updated FAQ for its Russian sanctions, clarifying provisions on CN 720711.
• Russia blocks renewal of UN Panel monitoring North Korea sanctions.

Disclaimer: The information contained in this document is intended for informational purposes only and does not constitute legal opinion or advice. This document is not intended to address the circumstances of any individual or corporate body. Readers should not act on the information provided herein without appropriate professional advice after a thorough examination of the facts and circumstances of a situation. There can be no assurance that the judicial/quasi-judicial authorities may not take a position contrary to the views mentioned herein.