US imposes anti-subsidy tariff on car and truck tires from Vietnam

The decision was announced by the US Secretary of Commerce Wilbur Ross, determining that exporters and producers from Vietnam received counter available subsidies with rates ranging from 6.23 percent to 10.08 percent, statement said.

Among the subsidies preliminarily countervailed is Vietnam’s undervalued currency, making this the first time that regulator has ever made an affirmative CVD determination regarding a foreign currency with a unitary exchange rate.  

“Today’s preliminary determination represents an important step forward for the America First trade agenda,” said Secretary Ross. “The Trump Administration remains vigilant against foreign actors that take advantage of American workers and businesses, and we will continue addressing this issue to ensure American industry competes on a level playing field.”

The department said it will instruct US Customs and Border Protection to collect cash deposits from importers of passenger tires from Vietnam based on these preliminary rates noted above. 

The US commerce authority is scheduled to announce its final determination in this case on or about March 16, 2021.

If Commerce makes an affirmative final determination, the U.S. International Trade Commission will be scheduled to make its final injury determination on or about April 30, 2021.

In 2019, imports of passenger tires from Vietnam were valued at approximately $469.6 million, according to the statement.

Earlier, Vietnam Prime Minister Nguyen Xuan Phuc told US officials that the country does not aim using exchange rates and monetary policy to facilitate export.

► Vietnam does not manipulate currency for stronger trade competitiveness, PM says

► US administration to announce currency probe on Vietnam, Bloomberg says