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Rubber Report - 17 May 2018

  • i2Matrix
  • 17 May 2018
ACA cautions USTR on impact of China auto parts tariffs
 
WASHINGTON — The Auto Care Association (ACA) testified this week that the Trump administration's Section 301 import tariffs on automotive parts and components from China could result in higher prices for U.S. consumers and cause U.S. companies to be less competitive in the U.S. and in global markets.
 
In testimony May 14 before the Office of the U.S. Trade Representative (USTR) Aaron Lowe, senior vice president, government and regulatory affairs, said, "Our members report that a number of products included on the tariff list cannot be sourced in the U.S. as there are no U.S.- based factories producing some of these products.
 
"At the same time," he added, "minimal alternative sources exist, as China is the primary supplier to the world.
 
Therefore, we do not see any benefits to the U.S. economy or U.S.-based manufacturers when imposing tariffs on these products, as sourcing would just shift to low-cost countries and would not alleviate the overall U.S. trade imbalance."
 
In his comments, Mr. Lowe stressed that the ACA supports the administration's efforts to address China's unfair trade policies, while at the same urging the administration to evaluate the potential economic harm and unintended consequences as the imposition of additional tariffs.
 
The tariffs are part of a proposed action by the administration to address unfair acts, policies and practices by China that are related to technology transfer, intellectual property and innovation.
 
The ACA earlier joined a coalition of 100-plus trade groups and asked Congress to intervene in President Trump's plan to levy 25-percent tariffs against some 1,200 products imported from China.
 
-- TireBusiness

 

 

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Benny Lee

Founder of i2Matrix. A market strategist, private trader and sought-after financial speaker and trainer in the Asian Region, Benny Lee has coached hundreds of professional and retails traders and investors in Malaysia, Singapore, Hong Kong, Thailand, Vietnam, Pakistan for more than 13 years. His passion in trading and chart analysis leads him to develop trading strategies that have helped him and many others to trade and invest successfully in the financial markets.

Benny Lee is recognized by the Malaysian and Singapore Stock Exchange as a Credible Trainer. He has also trained professionals in Malaysia under Securities Commission’s Continuous Professional Education (CPE) Program. He is also a market strategist Jupiter Securities Sdn Bhd, a Malaysian stock-broking firm.

Benny has been invited to share his expert opinion in major commodities and financial events in Malaysia, Singapore, India, Indonesia, Vietnam, Thailand, and Romania. His analysis on the financial markets can also be found on a regular basis in leading financial magazines like Smart Investor, Shares Investment Magazine and The Edge Daily in Malaysia, and Pulses Magazine in Singapore. He has also appeared on TV Financial Programs such as Capital TV (Malaysia), Channel News Asia (Singapore) and Sunbiz (Pakistan) to share his views about the markets and technical analysis.

Today, you can find his market comments regularly on The Financial Edge Daily (Wednesdays), Interview on BFM89.9 (www.bfm.my) business radio station on Mondays at 9.00 am, The Busy Weekly, a Chinese business weekly and Palm Oil Fortune (A monthly magazine by the Malaysian Palm Oil Council, MPOC). His views are also regularly quoted on Bloomberg.

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