Argentina Sets Levies and Ends Anti-Dumping Investigation on Chinese Goods
Source: Bloomberg Date: 2010-07-26
Business Exchange Twitter Delicious Digg Facebook LinkedIn Newsvine Propeller Yahoo! Buzz Print Argentina closed probes and set anti-dumping levies on some Chinese products one week after the presidents of the two countries failed to end an embargo by the Asian nation on Argentine soybean oil imports.
Argentina will charge a 203 percent levy on a number of kitchen appliances from China and a $17.60 per kilogram levy on certain textile products containing more than 85 percent polyester. The end of investigations into textiles and kitchen appliances, which started in early 2009, was announced today in Argentina��s official gazette.
China in April banned Argentine soybean oil imports in retaliation for anti-dumping probes on products ranging from elevators to textiles. Argentina is the world��s largest exporter of soy oil. Until the start of the embargo, the South American nation supplied about 75 percent of imports by the Asian country, the world��s biggest consumer of the edible oil.
President Cristina Fernandez de Kirchner failed to have the ban lifted during a visit to China last week, when she met President Hu Jintao. The two countries agreed to form a commission to look into the matter.
Sales of the oil to China generate an estimated $600 million per year of export tariffs and tax revenue for the Argentine government.
By Rodrigo Orihuela
