(Yicai Global) July 23 -- China's Wanshun Package Material Stock and its unit have sued the US regarding its preliminary decision to start posing anti-dumping and anti-subsidy measures against the Chinese firms' products.
Wanshun and Zhongji Lamination Materials filed a lawsuit to overturn the US commerce ministry's initial ruling which would slap additional tariffs on the Chinese firms' aluminum foil products in the US, the Shantou-based parent company said in a statement yesterday. If implemented, the extra tariffs would rise up to 55.13 percent.
The US Court of International Trade accepted the case. US President Trump's administration has threatened China with up to 80.97 percent additional duties on aluminum foil to offset its alleged unfair trade practices.
Wanshun said that the preliminary decision had errors, such as wrong choices in substitutive prices and ocean freight fares, which resulted in an improper adjustment in the value-added tax regarding the products' sales prices.
The US had also chosen South Africa as a surrogate country to compare with China. Wanshun said that South African data is not valid because the country's firms also enjoy subsidies and register their data in a different way, which distorts the prices. The Chinese company proposed Bulgaria to act as the surrogate.
Wanshun requested the CIT to conclude that the US Ministry of Commerce revokes the preliminary decision for levying the anti-dumping duty and returns the cash deposit that has been paid.
Wanshun's stock price rose 2.84 percent to CNY6.51 (USD0.96) today at the close.
Editor: Emmi Laine