Trump initiates probe into causes for $700 bn trade deficit
The Dollar Business Bureau In another executive order signed by Donald Trump, the Department of Commerce and the Office of USTR (US Trade Representative) have been asked to submit, within 90 days, a comprehensive report on the causes of USA's $700 billion trade deficit. Commerce Secretary, Wilbur Ross, is to lead the said investigation of unfair trade practices hurting the US economy. Threatening countries which get away with violating import duties, Trump asserted that a detailed investigation of trade abuses will be done, following which stringent laws will be put in place to prevent them. The move comes immediately before the first diplomatic meeting between Trump and China's President Xi Jinping, scheduled for next week. Although the bill doesn't target any specific country, China has been ...
Indian tyres face anti-dumping probe in US
US-based tyre manufacturers have alleged injurious dumping and unfair subsidisation of imports from India and China The Dollar Business Bureau The US International Trade Commission (ITC) is scheduled to make its preliminary injury determinations on or before February 22, 2016.The US has initiated anti-dumping duty and countervailing duty investigations on imports of certain tyres from India, China and Sri Lanka. The US Department of Commerce took this decision after domestic tyre manufacturers filed petitions to seek relief from the market-distorting effects caused by injurious dumping and unfair subsidization of imports from India and China into the US market. They requested the government to establish a level playing field in the domestic market. The investigations will cover certain new pneumatic off-the-road tyres with an ...
Hike in import duty on LED products must to boost Make in India
The Dollar Business Bureau To encourage domestic manufacturing and boost ‘make in India’ initiative, the government must increase import duty on LED (Light Emitting Diode) bulbs and other products, a parliamentary panel has suggested. A report on energy conservation presented by the Parliamentary Standing Committee on power said that the government should take immediate steps to disincentivize the import of finished LED products. “Customs duty and countervailing duty (CVD) on LED lamps and its components should be levied in such a manner that it encourages local production,” the panel said in its report tabled in parliament on Tuesday. At present, the duty on finished LED products is less than that on the import of raw components. And this affects the ...
Excise duty relief for textile industry to continue
The Dollar Business Bureau The government has allayed the apprehension about any change in the central value added tax (CENVAT) rule, saying that the exemption from excise duty meant for textile industry will continue. In a fresh notification issued on Wednesday, the Central Board of Excise and Customs (CBEC) said that there will be no change in CENVAT Rules, 2004 under which textile manufacturers are exempted from paying up to 12.5% excise duty on the sale of finished goods within the country. The clarification came after representatives of the industry met Finance Ministry officials, expressing concern over an earlier notification of CBEC issued on July 17. The July 17-notification had said that the excise duty rebate can be claimed by the ...
