The Ministry of Finance is extending its anti-dumping tariffs on toweling products from China for five years, as exporters continue to sell their goods at unfairly low prices in Taiwan, harming the local industry, it said last week.
The Customs Administration extended the anti-dumping tariffs of 29.72 percent on bath towels, pillow covers, napkins, tablecloths, footpads and semi-finished products sold by Chinese exporters, the ministry said in a statement on Friday.
The extension of the punitive tariffs, which were in effect from Dec. 21, 2017, to Dec. 20, 2022, started on Friday last week and are to run through Dec. 28, 2028, the agency said.
Photo: Liao Shu-ling, Taipei Times
The decision to extend the tariffs came after the ministry completed a third sunset investigation into the trading practices of Chinese exporters of toweling products, it said.
It and the Ministry of Economic Affairs agree the materially adverse effects that Chinese towel exporters’ unfair practices have had on Taiwan’s towel industry has not ended.
There is no evidence that the continued anti-dumping tariffs would have a negative effect on Taiwan’s economy, the Ministry of Finance said.
It imposed anti-dumping tariffs on China-made toweling products for the first time in June 1, 2006, with the tariff set at 204.1 percent for five years.
After its first sunset investigation in 2011, the ministry extended the tariff for another five years to Dec. 19, 2016.
Following the second sunset probe, it reinstated the tariff again for five years, but reduced it to 29.72 percent.
Over the 10 years to the end of November last year, Taiwan collected more than NT$103 million (US$3.34 million) in anti-dumping taxes from Chinese towel exporters, finance ministry data showed.
However, the tariff failed to reduce imports of toweling products from China over the past five years.
In the first 11 months of last year, imports of toweling product from China topped NT$21 million, up from about NT$6 million in 2019, the data showed.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has approved a capital budget of US$31.28 billion for production expansion to meet long-term development needs during the artificial intelligence (AI) boom. The company’s board meeting yesterday approved the capital appropriation plan for purposes such as the installation of advanced technology capacity and fab construction, the world’s largest contract chipmaker said in a statement. At an earnings conference last month, TSMC forecast that its capital expenditure for this year would be at the higher end of the US$52 billion to US$56 billion range it forecast in January in response to robust demand for 5G, AI and
PORTFOLIO REBALANCING: The adjustments in three global equity indices reflect rising investor appetite for semiconductor and artificial intelligence-related stocks Taiwan’s weighting in major global equity indices compiled by MSCI Inc is to rise modestly following the latest quarterly review, underscoring the market’s expanding role in emerging-market portfolios, as global investors continue to favor the nation’s technology sector. Taiwan’s weighting in the MSCI Emerging Markets Index is to increase by 0.30 percentage points to 23.76 percent, after the changes take effect at the close of the May 29 session. Its weighting in the MSCI All-Country Asia ex-Japan Index is to rise 0.37 percentage points to 27.16 percent, while that in the MSCI All Country World Index is to edge up slightly to
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
The Hsinchu County Government’s Labor Affairs Department yesterday said that it has received a plan from cosmetics brand Taiwan Shiseido Co (台灣資生堂) detailing mass layoffs at its plant in Hukou Township (湖口). While the labor authorities did not disclose the number of employees to be laid off, Japanese news media earlier in the day reported that the closure of the company’s factory in Hukou would result in 170 employees losing their jobs. Shiseido followed the law by reporting its layoff plan, the department said, adding that authorities would closely monitor negotiations between the management and affected employees and step in if any
RSS