Early Wednesday morning in Asia, the US Department of Commerce (DOC) came out with the communication of ordering the antidumping duty (AD) and countervailing duty (CVD) investigations of imports of aluminum wire and cable from China.
The notice says that the US DOC finds that exporters from this country have sold aluminum wire and cable at less than fair value in the United States at rates of 58.51% to 63.47%. In addition, Commerce determined that exporters from China received countervailable subsidies at rates of 33.44 percent to 165.63 percent.
It was further mentioned that the US International Trade Commission (ITC) is currently scheduled to make its final injury determinations on or about December 2, 2019. If the ITC makes affirmative final injury determinations, Commerce will issue AD and CVD orders. If the ITC makes negative final determinations of injury, the investigations will be terminated and no orders will be issued.
The news will add to the downbeat market sentiment concerning the US-China trade relations, which in turn could extend recent pullback of Antipodeans while helping traditional safe-havens like Gold, the Japanese Yen (JPY) and the Swiss Franc (CHF).
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