China's Trade Surplus Down 20 Per Cent
China's trade surplus officially dropped 20.6 per cent year on year, to USD21.35 bn in June, the General Administration of Customs said on Thursday. This is the third consecutive decrease this year. The total surplus for the first six months of 2008 stood at USD99.03 bn, a 11.8 per cent cut compared to the same period in 2007. Exports for June totalled to USD121.53 bn, and imports stood at USD100.18 bn.
U.S. Sets Duties on Chinese Off-Road Tires
The United States Commerce Department will set anti-dumping duties on
Chinese-made off-road tires for trucks, commercial and industrial
vehicles, Reuters reports. The duties of as high as 210 per cent will
be put in place after the government found that the imported tires were
being sold at "unfairly low prices". The U.S. also charges that
off-road tire companies in China receive government subsidies. The
measures include ountervailing duties of 14 per cent. At the same time,
Japan's Bridgestone announced it will raise prices of tires sold in
China by up to 10 per cent; as a result of higher raw material costs.
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