Trade Update – May 6, 2024

KEY TRADE REMEDIAL UPDATES

Subject countries	Product	Investigation(AD – Antidumping, CVD – Countervailing)	Particulars
United States of America (Department of Commerce)
Turkey	Certain Paper Shopping Bags	AD	Final affirmative determination of sales at less than fair value; Correction.
India	Carbon and Alloy Steel Threaded Rod from India	AD	Preliminary results and preliminary rescission of anti-dumping duty administrative review, in part, 2022-23.
Turkey	Common Alloy Aluminum Sheet	AD	Preliminary results of anti-dumping duty administrative review; 2022-2023.
Turkey	Common Alloy Aluminum Sheet	CVD	Preliminary results of the countervailing duty administrative review.
India	Common Alloy Aluminum Sheet	CVD	Preliminary results and partial rescission of countervailing duty administrative review, 2022.
China	Certain Aluminum Foil	AD	Preliminary results of antidumping duty administrative review, partial rescission of anti-dumping duty administrative review, and preliminary determination of no shipments; 2022-2023.
China	Certain Aluminum Foil	CVD	Preliminary results of countervailing duty administrative review and recission of review, in Part; 2022
China	Tapered Roller Bearings and parts thereof, finished and unfinished	AD	Preliminary determination of no shipments and rescission of anti-dumping duty administrative review, in Part; 2022-2023.
Russia	Phosphate Fertilizers	CVD	Preliminary results and partial rescission of the countervailing duty administrative review, 2022.
China	Certain Activated Carbon	AD	Preliminary results of anti-dumping duty administrative review; 2022-2023.
China	Wooden Cabinet and Vanities and Components thereof	AD	Preliminary results, preliminary determination of no shipments, and partial rescission of the anti-dumping duty administrative review; 2022-2023.
China	Wooden Cabinet and Vanities and Components thereof	CVD	Preliminary results and partial rescission of countervailing duty administrative review; 2022.
India	High Chrome Cast Iron Grinding Media	AD and CVD	Institution of anti-dumping and countervailing duty investigations and scheduling of preliminary phase investigations.
China	Certain Mobile Access Equipment and Subassemblies thereof	AD	Preliminary results and partial rescission of anti-dumping duty administrative review; 2022-2023.
China	Aluminum Lithographic Printing Plates	AD	Preliminary affirmative determination of sales at less than fair value, preliminary affirmative determination of critical circumstances, and postponement of final determination and extension of provisional measures.
Japan	Aluminum Lithographic Printing Plates	AD	Preliminary affirmative determination of sales at less than fair value, postponement of final determination, and extension of provisional measures.
Korea	Welded Line Pipe	AD	Final results of anti-dumping duty administrative review, 2021-22.
China, India, Korea, Taiwan, Thailand	Certain Epoxy Resins	AD	Initiation of less than fair value investigation.
China, India, Korea, Taiwan, Thailand	Certain Epoxy Resins	CVD	Initiation of countervailing duty investigation.
European Union (European Commission)
China	Certain Organic Coated Steel products	AD	Initiation of an expiry review.
China	Certain Organic Coated Steel products	CVD	Initiation of an expiry review.
India (Directorate General of Trade Remedies)
China and Japan	Trichloro Isocyanuric Acid	AD	Preliminary findings.
China, Korea, Malaysia, Norway, Thailand and Taiwan	Poly Vinyl Chloride Paste Resin	AD	Preliminary findings.
Indian Courts
Korea, Thailand	Purified Terephthalic Acid	AD	Gujarat High Court sets aside the Centre’s notification removing anti-dumping duty on PTA imports from Korea and Thailand.

WTO, FTAs

• India to participate in WTO mini-ministerial in Paris.
• Asian Development Bank and WTO sign MoU to strengthen collaboration for sustainable economic growth in the Asia-Pacific region.
• WTO members discuss future pandemic preparedness, and the way forward on TRIPS implementation review.
• WTO’s Council for Trade in Goods took stock of progress to improve its functioning and advance WTO reform.
• WTO’s Committee on Rules of Origin reviewed measures aimed at improving the functioning of the Committee and using digital tools to facilitate the work of delegates.
• Critical mineral imports and acquisition of mines could feature in India-Chile FTA discussions.
• India, Australia to speed up expanded trade deal after Lok Sabha elections.

TRADE POLICY

Europe

• German Foreign Minister Annalena Baerbock warns against becoming too reliant on China.
• European Commission says information from three Chinese EV makers is insufficient for its anti-subsidy investigation.
• EU lobbies China to keep agriculture out of trade disputes.

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.

USA

• US Secretary of State Antony Blinken meets Chinese officials in Shanghai to raise concerns regarding certain trade practices.
• US Secretary of State Antony Blinken says that US chip restrictions aren’t intended to impede China’s economic expansion.
• The US announces new restrictions on firearm exports.
• Graphite miners lobby with the US government to impose a levy on China-sourced EV material.
• US President Joe Biden calls for tripling of tariffs on Chinese steel.
• G7 agree to end use of unabated coal power plants by 2035.

India

• India’s mango exports face headwinds as air freight charges surge.
• Indian Government to conduct digital crop survey across India using AI to assess acreage.
• India’s plastics exports fell 3.5% to $11.55 billion in FY24 from $11.96 billion in FY23.
• India is unlikely to lift the ban on export of food items.
• India and Maldives hold talks to enhance trade cooperation.
• Increased by 2.3 times in 15 years, India’s Chinese import bill to continue to increase further.
• China’s share in India’s industrial goods imports jump to 30% from 21% in the last 15 years: GTRI.
• Indian Garment exports from Tiruppur show signs of revival.
• Government of India clamps down on dumping from China: Over 1/3^rd anti-dumping duties levied in cases with sole or two producers since FY22.
• Australia to grow more yellow chana after India removes 40% import duty.
• The Central Drugs Standard Control Organisation revokes state licensors’ power to issue NOC for drug exports.

INDIAN CUSTOMS & ALLIED AGENCIES

• An amendment to the export policy of onions has changed the status from prohibited to free, subject to a Minimum Export Price (“MEP”) of USD 550 per Metric Ton.
• The DGFT suspended Standard Input-Output Norms (SION) mentioned in Annexure “A” with immediate effect, as they had been observed to be inoperative over the last 5 years.
• Corrigendum to Public Notice No. 01/2024 issued on modification of SION E-124 for export item Refined Sunflower Oil (Edible Grade) .
• The DGFT has issued a clarification on the applicability of the 3% amount on account of non-achievement of minimum Value Addition as mentioned in para 4.49 (b) and the amount equivalent to 10% of the CIF value in Para 4.49 (a) (ii) of Handbook of Procedures 2023.
• Amendment to certain customs notifications have made changes including adjustments to import duties for items like Bengal gram, effective from May 4, 2024.
• CBIC has amended tariff values for various goods, including palm oil, palmolein, soya bean oil, brass scrap, gold, silver, and areca nuts, effective from April 30, 2024.
• CBIC has appointed various officers for the adjudication of show cause notices for different companies, including Tyco Fire and Security India Pvt. Ltd, in Bangalore, Chennai, Hyderabad, New Delhi, and Mumbai, under the Customs Act, 1962, effective from April 26, 2024.
• The date of enforcement of the Aluminium and Aluminium Alloys Quality Control Order (“QCO”) has been extended to December 1, 2024.
• The date of enforcement of the Copper QCO has been extended to December 1, 2024.
• The date of enforcement of the Nickel QCO has been extended to December 1, 2024.
• The date of enforcement of the Ferronickel QCO has been extended to May 1, 2024.

NATIONAL SECURITY, SANCTIONS & EXPORT CONTROLS

• US moves to bar Huawei, and other Chinese telecoms from certifying wireless equipment.
• Iran slaps sanctions on the United States and the United Kingdom over Israel’s support.
• Sanctions notwithstanding, India’s Russian oil imports surge as Moscow pushes more oil overseas.
• US sanctions Russia, China suppliers over Ukraine war.
• Debris from North Korean missile found in Ukraine’s Kharkiv, say UN sanctions monitors.
• North Korea’s UN Ambassador says new sanctions monitoring groups will fail.
• Boeing’s latest trouble is a jet part caught up in Russian sanctions.
• US State Department says oil service firm SLB not violating Russia sanctions.
• United Kingdom sanctions Ugandan politicians over corruption claims.
• Russia’s Sovcomflot is renaming oil tankers hit by US sanctions.
• Venezuelan oil exports fall on US sanctions, lower sales to Asia.
• China expresses concerns over Japan’s planned export controls on semiconductors.
• Intel to launch low-end AI chips in China to comply with US export control rules.
• Turkey halts trade with Israel over humanitarian tragedy in Gaza.
• EU Council gives final approval to introduce criminal offences and penalties for EU sanctions violation.
• Banks face new risks as US tightens sanctions on Russia.

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.