China the main economic espionage threat to U.S.: FBI

[Hindustani78]

Updated: July 26, 2015 15:32 IST
China the main economic espionage threat to U.S.: FBI - The Hindu

The FBI headquarters in Washington is seen in this file photo. The United States has witnessed a 53 per cent spike in economic espionage cases aimed at American firms, with a vast majority of the perpetrators originating from China with ties to the government, the FBI said.

China the main economic espionage threat to U.S.: FBI - The Hindu

Says there had been a 53 per cent increase in economic espionage cases over the past year
The United States has witnessed a 53 per cent spike in economic espionage cases aimed at American firms, with a vast majority of the perpetrators originating from China with ties to the government, the Federal Bureau of Investigation (FBI) said.

The head of the FBI’s counterintelligence division, Randall Coleman, said there had been a 53 per cent increase in economic espionage cases, or the theft of trade secrets leading to the loss of hundreds of billions of dollars, over the past year.

State-sanctioned theft
Mr. Coleman said at a recent briefing that state-sanctioned corporate theft by China was at the core of the problem. He said that China was the most predominant threat facing the U.S. from the standpoint of economic espionage.

He cited examples of large corporations successfully targeted in the past such as DuPont, Lockheed Martin and Valspar, who have since worked with the FBI to further safeguard their intellectual property.

Nationwide campaign
To highlight this growing threat to the U.S. economy, the FBI has launched a nationwide campaign intended to warn industry leaders of the danger they face from foreign actors.

But the FBI not only considers this a threat to American economic prosperity, but to its physical security as well.

“Economic security is national security,” said Bill Evanina, the head of the National Counterintelligence and Security Centre and one of the agents leading the charge in stemming the threat to corporations. Many of the tools used were the same as the ones used to track terrorists, he said.

Half of the 165 private companies that participated in a survey conducted by the FBI have claimed to be victims of economic espionage or theft of trade secrets, and 95 per cent of those attempts originated from individuals associated with the Chinese government, CNN reported.

Insider threats
One of the most concerning means of obtaining sensitive industry secrets is through the use of “insider threats,” or employees who are familiar with the inner workings of a particular technology being recruited by foreign agents in exchange for large amounts of cash.

The FBI continues to see spear phishing attempts, when an email or link appears legitimate but is in fact a bogus message intended on tricking recipients into offering up personal information. Social media and sites like LinkedIn are also being utilised in economic espionage where potential recruits can be found and contacted based on relevant knowledge and work experience, officials have said.

“The Chinese government plays a significant role” in economic espionage, Mr. Evanina said. “The playing field is not level” when a single company faced with relentless targeting by individuals or entities that have the backing of a foreign government, he said.

Other big targets for economic spies are specifications for U.S. military technology and proprietary information on everything from superconductors to seed-and-grain hybrids.

 

[Hindustani78]

Under Section 301 of the US Trade Act 1974, the United States can “impose trade sanctions on foreign countries that either violate trade agreements or engage in other unfair trade practices”.
world Updated: Aug 13, 2017 16:15 IST
http://www.hindustantimes.com/world...ainst-china/story-j8bDPkKW68kh58r8HoEhOK.html


The United States will launch a trade action next week that could lead to a full-fledged investigation into China’s “unreasonable or discriminatory” intellectual property laws, policies and practices that harmful to America, with the possibility of punitive follow-up measures including sanctions.

President Donald Trump will sign an executive memorandum on Monday directing the US trade representative to “determine” whether to investigate any of China’s laws, policies, practices, or actions may be unreasonable or discriminatory and may be harming American intellectual property, innovation and technology”, a senior administration official told reporters on Saturday.

Should the trade representative make the determination that an investigation was in order, it will have “broad powers to use all applicable measures including but not limited to Section 301,” the official said. Under Section 301 of the US Trade Act 1974, the US commerce department website said, the United States can “impose trade sanctions on foreign countries that either violate trade agreements or engage in other unfair trade practices”.

The US could take its case to the World Trade Organization, or settle it outside. The official said a decision had not been taken in that regard and offered no timelines.

Asked if this could lead to a period of “greater conflict” with China, which could retaliate triggering a trade war, the official said he doesn’t “believe” it would. “This is just business”.

And the administration strenuously pushed back against any suggestion it was related to spiraling tensions with North Korea, and the perceived failure of China, its chief protector, to rein it in. The two issues were unrelated — “trade is trade, national security is national security”, the official said.

A trade sanctions against China had long been in the making, consistent with Trump’s election promises of cutting America’s ballooning trade deficit with China and punish the Asian nation for unfair trade practices such as artificially keeping its currency depressed to boost exports.

But here was a perception that it had been delayed because Trump was hoping China would do more on North Korea, and he had even suggested as much.

It was also said to have been put off to obtain China’s support for the US-sponsored UN Security Council resolution slapping new sanctions on North Korea, which passed unanimously, subsequently.

The United States estimates theft of intellectual property costs the American economy $600 billion a year, and says China was a major contributor, employing unfair trade practices and industrial policies such as “forced technology transfer”.

“All too often,” the official said, “American companies are forced to enter into joint ventures with Chinese companies if they want to do business in China. This is not fair.”

In addition, the official added, “as part of these joint ventures, they have to turn over their intellectual and other proprietary information — again, this is simply not fair”.

 

[Hindustani78]

http://www.deccanherald.com/content/627998/chinese-newspaper-warns-trump-risks.html

A Chinese state newspaper has warned President Donald Trump "could trigger a trade war" if he goes ahead with plans to launch an investigation into whether China is stealing US technology.

In a commentary written by a researcher at a Commerce Ministry think tank, the China Daily said Trump's possible decision to launch an investigation, which an official says he will announce today, could "intensify tensions," especially over intellectual property.

The official told reporters on Saturday the president would order for his trade office to look into whether to launch an investigation under the Trade Act of 1975 of possible Chinse theft of US technology and intellectual property.

The Chinese government has yet to comment on the announcement.

 

[Hindustani78]

http://www.deccanherald.com/content/633108/trump-blocks-sale-us-semiconductor.html

Press Trust of India, Washington, Sep 14 2017, 15:19 IST

US President Donald Trump has blocked the proposed USD 1.3 billion acquisition of an American semiconductor company to a Chinese government- financed firm, citing national security concerns, the White House has said.

A federal panel that reviews foreign investment in the US for possible security threats ruled against the proposed USD 1.3 billion purchase last week of Lattice Semiconductor, a Portland, Oregon-based company.

In his executive order, Trump said that Lattice and Canyon Bridge "shall take all steps necessary to fully and permanently abandon the proposed transaction", within 30 days.

"Credible evidence leads me to believe" the buyers of Lattice "might take action that threatens to impair the national security of the United States".

Lattice is a publicly traded company headquartered in Oregon that manufactures semiconductors for the consumer, communications, and industrial markets.

Trump made the decision under Defence Production Act which authorises him to suspend or prohibit certain acquisitions that result in foreign control of an American business, White House Press Secretary Sarah Sanders said said.

Trump reached on this decision after considering several factors and a review of a recommendation from the Committee on Foreign Investment in the US.

"The national-security risk posed by the transaction relates to, among other things, the potential transfer of intellectual property to the foreign acquirer, the Chinese government's role in supporting this transaction, the importance of semiconductor supply chain integrity to the US government, and the use of Lattice products by the US government," Sanders said.

US Treasury Secretary Steven Mnuchin welcomed Trump's decision. He is also the chairman of Committee on Foreign Investment in the United States (CFIUS).

"CFIUS and the President assess that the transaction poses a risk to the national security of the US that cannot be resolved through mitigation," Mnuchin said.

"The national security risk posed by the transaction relates to, among other things, the potential transfer of intellectual property to the foreign acquirer, the Chinese government's role in supporting this transaction, the importance of semiconductor supply chain integrity to the US government, and the use of Lattice products by the US government," Mnuchin said.

 

[Hindustani78]

Canyon Bridge was founded with capital originating from China's central government and had indirect links to Beijing's space program. It currently manages about $1.5 billion on behalf of Yitai Capital Ltd, a Chinese state-owned company, according to Friday's statement.
http://indianexpress.com/article/wo...nald-trump-to-buy-british-chip-maker-4856970/

By: Reuters | Published:September 23, 2017 7:32 am

US President Donald Trump arrives at a campaign rally for Senator Luther Strange in Huntsville, Alabama, U.S. September 22, 2017. REUTERS

Canyon Bridge Capital Partners, the China-backed buyout fund that was barred last week by US President Donald Trump from buying a U.S. chip maker, said it would purchase British chip designer Imagination Technologies Group Plc. The all-cash 550 million pounds ($742.5 million) deal to buy Imagination showed Canyon Bridge remained focused on investing in Western chip makers after its $1.3 billion deal to buy Lattice Semiconductor Corp in the United States was blocked over U.S. natural security concerns.

Canyon Bridge said on Friday it had agreed to pay 182 British pence per Imagination share, a near 42 percent premium to Imagination’s closing price on Friday. But the purchase is contingent on Imagination divesting U.S. chip designer MIPS, which Imagination had bought in 2013, the two companies said in a joint London stock exchange filing, adding that the takeover would not result in job cuts. Keeping MIPS would subject Canyon Bridge’s purchase of Imagination to a review by the Committee on Foreign Investment in the United States (CFIUS), the government panel which rejected its acquisition of Lattice.

Imagination said it had agreed to sell MIPS for $65 million to Tallwood Venture Capital, an investment firm with offices in Palo Alto, California, and Wuxi, southern China. It was not immediately clear whether the divestment would be subject to a CFIUS review. Canyon Bridge was founded with capital originating from China’s central government and had indirect links to Beijing’s space program. It currently manages about $1.5 billion on behalf of Yitai Capital Ltd, a Chinese state-owned company, according to Friday’s statement.

Imagination, whose graphics power Apple Inc’s iPhone, licenses graphics and video-processing technology to semiconductor companies. But shares in the once-great European tech success story hit the skids in April when Apple, its biggest customer, said it would stop using its graphics technology in its new products, causing Imagination shares to crash 70 percent. The two firms are in a legal dispute over royalties at the moment.

Lattice, on the other hand, makes chips known as field-programmable gate arrays, which let companies put their own software on silicon chips for different uses. It does not sell chips to the U.S. military, but its two biggest rivals – Xilinx and Intel Corp’s Altera – make chips that are used in military technology. Following Trump’s decision to bar Canyon Bridge from buying Lattice, Treasury Secretary Steven Mnuchin said the move reflected concerns about the transfer of intellectual property, Beijing’s role in the deal, the importance of semiconductor supply chain integrity to the U.S. government, and the U.S. government’s use of Lattice products.

Canyon Bridge’s investment focus complements China’s efforts to move its manufacturers up the value chain and create innovative and competitive global conglomerates. In the past two years, the Chinese government has set aside at least 350 billion yuan ($53.11 billion) to invest in new technologies.

 

[Sucha Kuggu]

China the main economic espionage threat to U.S.: FBI - The Hindu

Dear FBI Guy: What if the same (economic espionage ) India do to China or even US?

 

[Hindustani78]

http://www.thehindu.com/news/intern...trump-visit/article20004218.ece?homepage=true

BEIJING, November 08, 2017 16:40 IST
Updated: November 08, 2017 16:40 IST
The United States and Chinese companies have signed business deals the two sides say are valued at $9 billion during a visit by President Donald Trump, in a tradition aimed at blunting criticism of Beijing’s trade practices.

No details of the 19 agreements signed on Wednesday at a ceremony attended by U.S. Commerce Secretary Wilbur Ross were immediately released. Such contract signings are a fixture of visits by foreign leaders to Beijing and often involve agreements the Chinese side saved for the event to showcase the country’s importance as a market.

Mr. Trump has made narrowing the multibillion-dollar U.S. trade deficit with China a priority of his administration. He is due to hold talks with Chinese President Xi Jinping.

 

[Hindustani78]

U.S. President Donald Trump, left, shows the way to Chinese President Xi Jinping on stage during a business event at the Great Hall of the People in Beijing, on Thursday. Trump is on a five-country trip through Asia traveling to Japan, South Korea, China, Vietnam and the Philippines. | Photo Credit: AP

http://www.thehindu.com/news/intern...obal-crises/article20010572.ece?homepage=true

“We believe Sino-U.S. relations concern not only the well-being of peoples, but also world peace, prosperity and stability,” Mr. Xi observed.

The United States on Thursday highlighted its special ties with China in managing global problems, including nuclear tensions in North Korea, instability in Afghanistan, and tackling the scourge of international terrorism.

Rejecting the doctrine of “containment” of China, visiting U.S. President Donald Trump, signaled at a joint press conference, that Washington and Beijing will be the main pillars of a more inclusive international system.

Singling out the special roles that the U.S. and the China have to jointly undertake, Mr. Trump said: “The United States working with China and other regional partners have an incredible opportunity to advance the cause of peace, security and prosperity all across the world. It is a very special time and we do indeed have that very special opportunity.”

“A great responsibility has been imposed on our shoulders Mr. President; truly a great responsibility,” he observed referring to his host Chinese President Xi Jinping. President Trump hoped that the two countries can “rise to the occasion and help our country’s citizens to reach their highest destinies and their fullest potentials”.

Some Chinese scholars were quick to the point out that with Mr. Trump’s visit, US and China were becoming the main pillars of an emerging new global order.

“Trump has recognised that China is its main partner to meet short and long term global challenges ranging from trade to nuclear issues,” says Wang Yiwei, professor at the School of International Studies, at Renmin University, in a conversation with The Hindu. He added: “I think his visit to China has helped Mr. Trump understand that the relationship between China and the United States should be viewed from long term, comprehensive and global perspectives.”

President Xi was equally upbeat about the unfolding relationship between the two countries, saying that Beijing-Washington ties now stood “at a new historic starting point,” which had global implications. “We believe Sino-U.S. relations concern not only the well-being of peoples, but also world peace, prosperity and stability,” Mr. Xi observed.

The remarks by the two leaders were preceded by a ceremony, where massive deals worth $253 billion dollars, focused on shale energy, aviation, and computer chips were signed. The state owned China

Petroleum and Chemical Corp, signed a $43 billion joint natural gas exploration contract in Alaska. The China National Petroleum Corporation, inked an initial agreement with Cheniere Energy, specialising in shale gas, for long term supplies of liquefied natural gas. China’s cellphone giants Xiaomi, OPPO and Vivo also signed deals with US telecom mobile chip maker Qualcomm.

Significantly China’s Silk Road Fund, a unit under the People’s Bank of China promoting the Belt and Road Initiative-President Xi’s signature plan— will set up a joint fund with the U.S. During his remarks President Xi also invited American firms to participate in the BRI.

In other contracts, China will buy Tesla electric cars and Boeing aircraft from the US.

The two leaders tried to project a common strategic orientation towards the region, underscored by their common stance of the achieving denuclearisation of North Korea. Yet there were differences in the fine-print, highlighted by President Xi’s advocacy of a dialogue with North Korea to supplement UN backed economic pressure that was being imposed on Pyongyang. But using much harsher rhetoric President Trump described Pyongyang’s leadership as “the murderous North Korean regime,” and urged all “responsible nations” to stop arming, financing and trading with it.

Mr. Trump in his remarks seemed to reverse the Pivot to Asia doctrine of the Obama administration, aimed at China’s military containment in partnership with regional allies in the Asia-Pacific. On the contrary, Mr. Trump said that, US and China “have an opportunity to strengthen the relationship between our two countries and improve the lives of our citizens [and] as long as we stand together, with others if necessary, against those who threaten our civilization, that threat will never happen; it doesn’t even have a chance”.

President Xi also highlighted that the Pacific Ocean was big enough to accommodate both China and the United States. He said that China would soon invite US Defence Secretary James Mattis to visit China, and also arrange for a visit by a Chinese military delegation to the US.

 

[Hindustani78]

http://www.thehindu.com/news/intern...ken-advantage-of-on-trade/article20104589.ece
Danang (Vietnam):, November 10, 2017 19:33 IST
Updated: November 10, 2017 19:34 IST

U.S. President Donald Trump speaks on the final day of the APEC CEO Summit, part of the broader Asia-Pacific Economic Cooperation (APEC) leaders' summit, in Danang, Vietnam on Friday. | Photo Credit: Reuters


“What we will no longer do is enter into large agreements that tie our hands, surrender our sovereignty, and make meaningful enforcement practically impossible,” Mr. Trump said.

Promising to put “America first” in his trade practices, President Donald Trump used a speech in Vietnam today to denounce multilateral agreements embraced by the region and deliver what appeared to be a rebuke to China, railing against trade practices he says have put Americans out of work.

“From this day forward we will compete on a fair and equal basis,” Mr. Trump told a gathering of CEOs on the sidelines of the annual Asia-Pacific Economic Cooperation summit in Vietnam.

In his speech, Mr. Trump told executives gathered in the coastal city of Danang that he was happy to enter into bilateral trading agreements with any of the nations in the Indo-Pacific region but only if they are reciprocal and fair.

“What we will no longer do is enter into large agreements that tie our hands, surrender our sovereignty, and make meaningful enforcement practically impossible,” Mr. Trump said.

As one of his first acts as President, Mr. Trump rejected the far-reaching Pacific Rim trade pact known as the Trans-Pacific Partnership, disappointing many nations in the region, including the summit’s host, Vietnam.

Leaders of the 11 remaining TPP members, representing roughly 13.5 % of the global economy, were scheduled to meet on the sidelines of the APEC summit to seek an agreement in principle that would not require U.S. involvement.

But the prospects of that deal appeared in doubt Friday, as a meeting of the leaders of 11 countries still involved in the pact was delayed.

There was no word on whether they had given up reaching agreement in Danang or were still working toward an agreement on how to move forward without U.S. involvement.

Meanwhile, a 16-member region-wide pact called the Regional Comprehensive Economic Partnership is also under negotiation. It encompasses China and India but also does not include the US.

Mr. Trump also took aim at what he described as abusive trade practices he said had “hurt many people in our country.” He described “jobs, factories and industries” being “stripped out of the United States and out of many countries” as a result.

Without singling out China by name, Mr. Trump argued the U.S. had adhered to World Trade Organization principles, only to be taken advantage of by counties that had ignored the rules and engaged in harmful practices such as product dumping, currency manipulation and government subsidizing of goods.

“We can no longer tolerate these chronic trade abuses and we will not tolerate them,” he said.

In the speech, Mr. Trump said he had spoken “openly and directly” with Chinese President Xi Jinping during his visit about “about China’s unfair trade practices and the enormous trade deficits they have produced with the United States.”

Mr. Trump said China’s trade surplus, which stood at $223 billion for the first 10 months of the year, was unacceptable, and repeated his language from Thursday when he said he did “not blame China” or any other country “for taking advantage of the United States on trade.”

But Mr. Trump went on to say that the U.S. would “no longer turn a blind eye to violations, cheating or economic aggression.”

 

[Hindustani78]

http://www.hindustantimes.com/world...ion-in-2016/story-uADLBnb3A72iO8nuzablfM.html
Trump has accused Vietnam and China, two key Asian manufacturing hubs, of “stealing” American jobs and blamed for previous US administrations for allowing trade deficits to grow unchecked.

Updated: Nov 12, 2017 13:05 IST

Vietnam and the United States signed a raft of energy and aviation deals Sunday during a visit to Hanoi by US president Donald Trump who railed against Washington’s yawning trade deficit with the fast-growing nation.

Trump was in the communist capital at the tail end of his swing through Asia where he has promoted his “America First” mantra on global trade, prioritising “fair” bilateral deals over sprawling multilateral pacts.

Several agreements were signed during his state visit Sunday, including in the natural gas sector, transport and aviation.

National carrier Vietnam Airlines signed a deal worth $1.5 billion for engines and support services from US firm Pratt & Whitney, which the airline said would boost US-Vietnam ties.

“(The agreement) will further reinforce the important economic, trade and investment partnership between Vietnam and the United States,” Vietnam Airlines CEO Duong Tri Thanh said in a statement.

Trump is seeking to boost exports of American goods and services as part of a campaign pledge that ushered him into office with hefty support from blue-collar workers in the United States.

He has accused Vietnam and China, two key Asian manufacturing hubs, of “stealing” American jobs and blamed for previous US administrations for allowing trade deficits to grow unchecked.

On Sunday he again complained about the United States’ gaping trade deficit with Vietnam, worth $32 billion in 2016.

“We have to get rid of the trading imbalance, we can’t have a trade imbalance,” he said at the beginning of a meeting with Vietnamese Prime Minister Nguyen Xuan Phuc.

“We have to take care of American companies and we have to take care of American workers,” he added in comments likely to play well among his base back home.

American energy firms Alaska Gasline Development Corporation and AES Corporation also signed deals Sunday, along with US truck company Navistar and Vietnamese budget airline VietJet, though no details were provided.

Vietnam has eagerly sought to drum up trade and investment with the United States since Trump came to power, especially after he withdrew from the massive Trans-Pacific Partnership free trade deal that Vietnam stood to gain enormously from.

The US is a leading export market for Vietnam, where a booming manufacturing sector has largely driven dizzying economic growth in recent years.

American exports to Vietnam have soared in the past decade, increasing ninefold to more than $10 billion in 2016, according to official figures from the US Trade Representative. Vietnam’s exports to the United States over the same period rose around fivefold.

 

[Hindustani78]

http://www.thehindu.com/news/intern...el-originating-from-china/article21271591.ece

WASHINGTON, December 06, 2017 09:23 IST
Updated: December 06, 2017 09:23 IST

The U.S. Commerce Department on Tuesday slapped steep import duties on steel products from Vietnam that originated from Chinese-made steel.

The agency said the Vietnamese products were circumventing existing U.S. anti-dumping and anti-subsidy orders on the same products from China.

The Commerce Department said it would apply the same anti-dumping duties on corrosion-resistant steel from Vietnam using Chinese substrate of 199.43 per cent and anti-subsidy duties of 39.05 per cent.

U.S. anti-dumping duties on cold-rolled steel from Vietnam using Chinese steel substrate will be set at 265.79 per cent, with anti-subsidy duties of 265.44 per cent.

 

[Hindustani78]

http://www.hindustantimes.com/world...-competitor/story-5zBHMneXkP3hU8W8UWu8OK.html

The national security strategy to be rolled out in President Trump’s speech should not be seen as a bid to contain China but rather to offer a clear-eyed look at the challenges it poses, said US officials.

Updated: Dec 18, 2017 14:34 IST
Reuters, Beijing

File photo of US President Donald Trump taking part in a welcoming ceremony with China's President Xi Jinping in Beijing on November 9, 2017. (Reuters)


China’s foreign ministry on Monday defended trade with the United States as a win-win scenario ahead of a speech by US President Donald Trump laying out a new national security strategy that makes clear that China is a competitor.

Trump has praised Chinese President Xi Jinping while also demanding that Beijing increase pressure on North Korea over its nuclear programme and changes in trade practices to make them more favourable to the US.

Chinese foreign ministry spokeswoman Hua Chunying said she was unable to comment on the strategy until it was unveiled.

But in principle, China hopes the strategy can play a constructive role in promoting world peace and stability and promoting China-US strategic mutual trust, Hua told a daily news conference.

The essence of China-US trade and economic ties is mutually beneficial and win-win, directly and indirectly supporting 2.6 million US jobs, she added.

In 2015, the profits of US firms that invested in China reached $36.2 billion, and China will continue to support trade and investment liberalisation, Hua said.

“We are willing to work hard with the US side to dedicate ourselves to building a robust, stable and healthy trade and economic relationship,” she added.

That was in the interests of both sides and the expectation of the international community, Hua said.

The national security strategy to be rolled out in Trump’s speech should not be seen as a bid to contain China but rather to offer a clear-eyed look at the challenges it poses, said US officials who spoke on condition of anonymity.

Trump made his first visit as president to China last month, where he lauded his meetings on trade and North Korea as “very productive”.

Washington has refrained from pushing harder on trade because it needs China’s cooperation on North Korea, though Xi, at least in public when Trump was in Beijing, went no further than reiterating China’s determination to achieve denuclearisation through talks.

China and the US have also repeatedly clashed over trade issues, including state support for Chinese firms and intellectual property rights violations in China.

On Friday, China’s finance ministry said it would cut export taxes on some steel products and ditch those for sales abroad of steel wire, rod and bars from January 1, stirring concern in the US and Europe that the world’s top steel producer may be looking to sell its excess product abroad.

It follows a ministerial level G20 meeting in Berlin last month, where China and the US remained at odds over how to tackle excess steel capacity. The global steel sector is worth about $900 billion a year.

 

[undercover JIX]

FBI is rite, Mr. trump do something about Chine, N. Korea and hmmmmmmm

 

[Adam WANG SHANGHAI MEGA]

old faked news!!!can you guys invented something new?

Where is your super capacity of inventing new faked news? i am disappointed!!

 

[Hindustani78]

http://www.thehindu.com/news/intern...le-fiber-from-india-china/article22461777.ece

WASHINGTON:, January 18, 2018 12:09 IST
Updated: January 18, 2018 12:16 IST

Commerce Secretary Wilbur Ross says domestic businesses are being destroyed by ‘unfair’ countervailing sops given to the 2 countries.
The Trump Administration has slapped anti-dumping duties on stainless steel flangs and finer denier polyester staple fiber from China and India.

Exporters from China and India received countervailing subsidies of 41.73 to 47.55 per cent and 9.50 to 25.28 percent, respectively, the US Commerce Secretary Wilbur Ross alleged on Wednesday.

As such, he has instructed US Customs and Border Protection to collect cash deposits from importers of fine denier polyester staple fiber from China and India based on these final rates.

‘We will no longer sit back’

“The US will no longer sit back and watch as its domestic businesses are destroyed by unfair foreign government subsidies. We will continue to take action on behalf of US industry to defend American businesses, workers, and communities adversely impacted by unfair imports,” Mr. Ross said.

In 2016, imports of fine denier polyester staple fiber from China and India were valued at an estimated $79.4 million and $14.8 million, respectively, the Department of Commerce said.

An investigation was carried out on a complaint by DAK Americas, Nan Ya Plastics Corporation, and Auriga Polymers.

An investigations of stainless steel flanges found that exporters in China and India received countervailing subsidies of 174.73 per cent, and from 5.00 to 239.61 per cent, respectively, Mr. Ross said.

“With a 58 per cent increase in trade cases initiated since President Trump took office, this administration has made it a clear priority to defend domestic businesses from unfair trade practices,” the Commerce Secretary said.

In 2016, imports of stainless steel flanges from China and India were valued at an estimated $16.3 million and $32.1 million, respectively.