BRUSSELS (Reuters) - The European Union has extended for a further five years anti-dumping duties on Chinese bicycles, the bloc said in its official journal on Thursday, after concluding that any lifting of measures would lead to a flood of imports. FILE PHOTO: European Union flags flutter outside the European Commission headquarters, in Brussels, Belgium June 30, 2019. REUTERS/Yves Herman Imported Chinese bicycles have been subject to anti-dumping duties since 1993, currently with an import tariff of up to 48.5%. The extended duties are the latest in a series of EU measures against Chinese exports ranging from solar panels to steel, which have sparked strong words from Beijing. The European Union also decided in January to impose duties of up to 79.3% on imports of Chinese electronic bicycles. Beijing said then that it was “highly concerned” by the move, which it said came despite market opposition, and that it would assess what steps to take. The measures on … [Read more...] about EU extends tariffs on Chinese bicycles, fearing import flood
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March 8 (UPI) -- On this date in history: In 1817, the New York Stock Exchange was established. In 1913, the Internal Revenue Service began to levy and collect income taxes in the United States. In 1917, strikes and riots in St. Petersburg marked the start of the Russian Bolshevik revolution. In 1921, after Germany failed to make its first war reparation payment, French troops occupied Dusseldorf and other towns on the Ruhr River in Germany's industrial heartland. In 1943, Allied planes led by the Royal Air Force bombed the German city of Nuremberg, an important military manufacturing site. By the end of World War II, the vast majority of the city was destroyed by Allied bombings. In 1957, Egypt reopened the Suez Canal to international traffic after Israel withdrew from occupied Egyptian territory. File Photo courtesy Imperial War Museum In 1965, nearly 4,000 U.S. Marines landed in South Vietnam. In 1974, the streaking epidemic that had been gripped parts of the United … [Read more...] about On This Day: Malaysia Airlines Flight 370 disappears
MELBOURNE (Reuters) - Australia is on the verge of becoming the biggest exporter of liquefied natural gas, with dozens of tankers a week carrying fuel to North Asia. It could also soon be importing LNG as supply sources in its southern states run out. Five LNG import projects are vying to start up between 2021 and 2022, possibly forcing gas users in New South Wales, South Australia, Tasmania and Victoria into more direct competition with Asian buyers for gas from northern Australia. Those states represent a yearly market of 420 petajoules (PJ), equivalent to 7.8 million tonnes of LNG worth about $3 billion. That represents just 2 percent of global LNG trade, but import proponents say the terminals would be another key outlet for spot cargoes of the fuel, especially during periods of low demand in the northern hemisphere. Piping gas from Queensland in northern Australia to southern markets is expensive, making LNG imports potentially viable. Credit Suisse analyst Saul … [Read more...] about Australia planning to import LNG: What’s next? Coals to Newcastle?
NEW YORK/KUALA LUMPUR (Reuters) - In June, the High Seas tanker ship loaded up on ethanol in Texas and set off for Asia. FILE PHOTO: Clouds hover above a corn field in Dubuque, Iowa, U.S., July 26, 2018. REUTERS/Joshua Lott/File Photo Two months later - after a circuitous journey that included a ship-to-ship transfer and a stop in Malaysia - its cargo arrived in China, according to shipping data analyzed by Reuters and interviews with Malaysian and Chinese port officials. At the time, the roundabout route puzzled global ethanol traders and ship brokers, who called it a convoluted and costly way to get U.S. fuel to China. (MAP: tmsnrt.rs/2HP1ywa ) But the journey reflects a broader shift in global ethanol flows since U.S. President Donald Trump ignited a trade war with China last spring. Although China slapped retaliatory tariffs up to 70 percent on U.S. ethanol shipments, the fuel can still legally enter China tariff-free if it arrives blended with at least 40 percent … [Read more...] about Long, strange trip: How U.S. ethanol reaches China tariff-free
HOLLAND, Mich. — Plants in every direction shut down and moved their operations to Mexico, succumbing to the relentless pressure to cut costs in an age of globalization. Not EBW Electronics. As the decades passed, the family-owned business stayed put, on the eastern edge of Lake Michigan, churning out lights for the auto industry. But now, the company’s management is reluctantly mulling the possibility of moving its production to Mexico to escape the tariffs that President Trump has put on imported components, his primary weapons in a trade war waged in the name of bringing jobs home to America. “It’s killing us,” said the chairman of the company, Pat LeBlanc, 63, a Republican who voted for Mr. Trump. He now expects the president’s tariffs will chop his 2019 profits in half. “I just feel so betrayed. If we fail because the company is being harmed by the government, that just makes me sick.” Across the industrial United States, including … [Read more...] about Trump Has Promised to Bring Jobs Back. His Tariffs Threaten to Send Them Away.