China's TV makers face US import duties
( 2003-11-25 15:18) (Reuters)
In the latest China-U.S. trade dispute, the U.S. Commerce Department ruled on Monday that Chinese TV makers were pricing colour TVs at less than fair value in the US market.
Importers from China will post cash deposits or bonds pending announcement of final anti-dumping duties in April, a Commerce Department statement said.
The ruling follows last week's decision by the United States to set new quotas on Chinese textiles next year, which added to tensions between the world's biggest and fifth biggest trading nations.
Chinese soybean, cotton and wheat-buying teams postponed visits to the United States after the U.S. decision on textiles, and Beijing said it would retaliate against some imports from the United States, but gave no details.
Shares in TCL International Holdings, one of the firms affected by the ruling, slipped 2.75 percent in early Tuesday trading, defying a market rally.
But the company, which formed a joint venture earlier this month with French electronics maker Thomson SA to create the world's biggest TV maker, downplayed the impact of the U.S. finding.
"The impact is small. We are not too surprises about the ruling, the European countries have been imposing a 40-50 percent (import tariff)," Shirley Yau, investors relations manager at TCL International said.
The dumping finding was made against Chinese TV makers TCL, Sichuan Changhong Electronic Co, Shenzhen Konka Group Co Ltd and Xiamen Overseas Chinese Electronic Co Ltd.
U.S.-based TV maker Five Rivers Electronic Innovations LLC and two labour groups made a similar complaint against Malaysian TV makers but the Commerce Department did not rule against those firms.
Five Rivers and the unions said that between 2000 and 2002 U.S. colour TV
imports from China and Malaysia had leapt from 209,887 units to 2.65
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