The European Union will impose tariffs of up to 99.7% on glass fiber producers in China and Egypt that it accuses of selling at unfairly low prices, in a closely watched and rare case involving Chinese companies operating abroad, reported Reuters.
The EU will apply tariffs of 20.0-99.7% from Tuesday for the next five years, the higher rate applying to Jushi Group Co. Ltd and Zhejiang Hengshi Fiberglass Fabrics Co. Ltd in China and the lower rate to their operations in Egypt, the EU official journal said on Monday.
The European Commission, which conducted the investigation, found the market share of the producers in China and Egypt rose to 31% in 2018 from 23% in 2015, while their average sales price fell by 14%.
A parallel case is also looking into whether the companies in China and Egypt received subsidies, the EU’s first look into whether Chinese aid is unfairly helping a foreign Chinese subsidiary. It normally looks only at subsidies from the host government. That case is set to conclude in June.