China announces anti-dumping duties on plastics from US, EU, Japan and Taiwan
The highest anti-dumping rates of 74.9% were levied on imports from the United States, while European shipments will face 34.5% duties.
China also slapped 35.5% duties on Japanese imports, except in the case of Asahi Kasei Corp, which was given a company-specific rate of 24.5%.
General duties of 32.6% were placed on imports from Taiwan, but Formosa Plastics and Polyplastics Taiwan received lower rates of 4% and 3.8%, respectively.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
India confident of meeting fiscal deficit target, despite planned tax cuts
NEW DELHI, Aug 17 (Reuters) - India is confident of meeting its fiscal deficit target of 4.4% for the current fiscal year, according to a government source with knowledge of the matter, despite its plans to cut consumption tax later this year. In the biggest tax overhaul since 2017, Prime Minister Narendra Modi on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper. "India's federal and state governments have options to offset any loss of revenue due to lowering of rates," the government source said without providing further details. The source also said it will end the practice of collecting compensation cess by December. The GST compensation cess is an additional levy imposed on certain items to compensate states for any revenue loss incurred due to the implementation. India's finance ministry did not respond to a request for comment sent outside of office hours.
Reuters
6 hours ago
- Reuters
Modi's tax overhaul to strain finances but boost image amid US trade tensions
NEW DELHI, Aug 17 (Reuters) - Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott U.S. products after Donald Trump hiked tariffs on imports from India to 50% as of August 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government $20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. "GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3%-4% of the population. Modi is doing this as he is under a lot of pressure due to U.S. policies," said Kidwai. "The move will also help the stock market, which is now politically important as it has a lot of retail investors." India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5%, 12%, 18% and 28%. Last year, India said caramel popcorn would be taxed at 18% but the salted category at 5%, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28% slab - which includes cars and electronics - and move nearly all of the items under the 12% category to the lower 5% slab, benefitting many more consumer items and packaged foods. Government data shows the 28% and 12% tax slabs together garner 16% of India's annual GST revenue of roughly $250 billion last fiscal year. Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. "Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies," said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. "It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation." Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, "a brighter gift of simpler taxes and more savings is waiting for every Indian." Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off. ($1 = 87.5080 Indian rupees)
BBC News
17 hours ago
- BBC News
Beyond chow mein: Can a new wave of restaurants help China win hearts?
Grilled fish on a generous bed of numbing chillis and peppercorns from China's south-western metropolis, Chongqing; cumin-laced lamb skewers from Xinjiang in the far north; and fiery rice noodles flavoured with snails from the famed rivers of Guangxi in the of this on a walk down Liang Seah Street in food is having a moment outside China, driven by huge success and intense competition back home. And nowhere is this clearer than in Singapore, where ethnically Chinese people make up more than three-quarters of the multicultural trend is not surprising given that Chinese soft power seems to be on the rise – think viral Labubu dolls, humanoid robots and futuristic cities that are impressing and sophisticated, Chinese cooking is not among Beijing's list of priorities for turning the country into "a powerhouse in culture" by yet, as an increasingly authoritarian China tries hard to win the world over, a sumptuous table may just be its most effective, and underrated, draw. First stop: Singapore Luckin, China's answer to Starbucks, opened its first overseas store in Singapore in March 2023. Two years on, there are more than 60. Last month, the chain made its US debut with two New York major Chinese brands, Luckin included, currently run 124 outlets in Singapore, double the number they owned in 2023. It's hard to miss the evidence: huge, bright ads of chilli-laced dishes and, sometimes, Chinese idioms, in malls, buses and subway established chains to mom-and-pop stores and chic restaurants that challenge tired stereotypes, they have all been taking off here before leapfrogging further afield, to elsewhere in South East Asia and then across the in Singapore is "a proof of concept for later expansion, convincing potential investors that the chain is ready to go global," says Thomas DuBois, a historian of modern China. It's an easy enough place for new restaurants to set up shop. And it is diverse, which makes it a great test kitchen for very different palates, from South Asian to importantly, Singapore is a travel hub where, Mr Dubois says, eating is almost like a national pastime: "People go to Singapore to eat."And what they will find is menus that go beyond the ubiquitous dumplings and hot pot. The entrepreneurs behind the new Chinese culinary wave want to show people just how vast and diverse China is. And they cannot fake of the visitors to Singapore are ethnic Chinese – not just from China, but from Bangkok, Kuala Lumpur, Manila, Jakarta and so on – with a sophisticated understanding of Chinese is no one kind of fiery, says Claire Wang, the marketing manager for Nong Geng Ji, a chain from Hunan in central China, which is famous for its spicy fare has "a tangy aftertaste achieved through fermented chilli peppers", she says, unlike "Sichuan's numbing-spicy or Guizhou's sour-spicy".After launching more than 100 restaurants in China, Nong Geng Ji opened its first overseas stop in Singapore in late 2023. It has since set up six more here, five in Malaysia, one in Canada, and is now eyeing opportunities in Thailand, Japan, South Korea and the certainly proof of the growing appetite for chillies, especially the Chinese kind – a trend that would please China's former leader Mao Zedong. Born and raised in Hunan, he believed, "You can't be a revolutionary if you don't eat chillies". Finally, 'proper' Chinese food For the less revolutionary among us, there is plenty more on the table: steamed buns, red meats, preserved vegetables, rice, seasonal stir-fries and delicately-flavoured quite the spread compared to the "Chinese food" much of the world has become used to, especially in the West – food cooked up by Chinese immigrants in the 19th and 20th Centuries, whose scrubby, nondescript restaurants were often seen as low-brow. The food was simplified to suit local tastes, and that's how the US ended up with un-Chinese staples such as orange chicken and chop suey, and the UK with its chow mein and sweet-and-sour chicken very basic, largely made-up dishes "clouded appreciation of the diversity and sophistication of Chinese gastronomic culture", writes Fuchsia Dunlop in her new book, Invitation to a Banquet. Ms Dunlop, a British food writer, has spent her career cooking in China's kitchens and studying its there is the stereotype, dubbed the Chinese Restaurant Syndrome, a partly xenophobic myth that the food can make people feel sick because of supposedly high concentration of additives, particularly the flavouring agent MSG. New research suggests MSG does not make you sick, and while older Chinese restaurants probably used shortcuts to flavour, they were hardly unique in using a growing diaspora is making it possible for Chinese restaurants to stay true to their roots, knowing they have customers demanding "proper Chinese food". And that has coincided with more adventurous palates in the world's biggest Thomas Tao was a student in New York in the 2010s, he says he rarely came across Chinese fine-dining, but Americans were very willing to pay for, say, Japanese he is the vice-president of the Green Tea Restaurant chain, which has more than 400 outlets in China serving fresh seafood and savoury soups from Zhejiang. It will open its first outpost in Singapore later this it goes beyond food, with "immersive" restaurants. Diners listen to the guzheng, a Chinese zither, while they sit at boat-shaped tables surrounded by landscapes around the West Lake, an icon of the coastal province."We want to help people be more accepting of our culture and to correct the idea that Chinese cuisine is 'lousy'," Mr Tao says. It is not the only chain to try this. Sichuan Alley, which opened its first outlet in New York last year, is inspired by "alley culture" characteristic of early 20th Century Chengdu – a warren of old streets where people mingled and tells the story of a people, and short of visiting a place, it is perhaps the best glimpse into can the Chinese table help soften the image of a country whose ambitions often clash with those of Western powers and neighbours? The price of soft power In her book, Dunlop cites one of her readers suggesting that Beijing could more effectively project its soft power by "changing its controversial overseas Confucius Institutes into top-notch Chinese restaurants".Beijing is battling plenty on the international front: Trump's tariffs, alleged espionage plots and a world that is wary of its economic this explosion in Chinese restaurant chains is worrying local businesses in Singapore who wonder if they can keep competition in China and a spending dip are forcing these chains offshore. And their pace of expansion is insatiable – they bring with them a reliable supply chain, marketing acumen, and deep pockets that allow them to sacrifice they have a playbook. First you are encouraged to sign up for a free membership that gets you a discount. The meals come with a free flow of tea, dipping sauces and pickled winner? Unlike in most Singaporean restaurants, tissues – much-needed after a spicy meal – are is not the first time the exports of China's success have sparked anxiety in its smaller South East Asian neighbours. It has already happened with plenty of Chinese imports, from clothing to food, some believe, can sweeten that deal."Chinese people take great pride in their culinary culture, which also serves as a powerful form of diplomacy," says Felix Ren, director of Singapore-based food consultancy is encouraged by the table tennis matches that helped thaw historic tensions between Beijing and Washington in 1971."Chinese cuisine," he says, "may just be the new ping-pong diplomacy."
