US Congress passes fresh tariff legislation
The US House of Representatives has joined the Senate in passing new legislation that would allow the government to impose higher tariffs on goods from state-controlled economies that subsidise exports to the US, reports Tire Review. The journal says the legislation targets the tyre industry in particular, and was drafted and presented in reaction to the December 2011 federal appeals court ruling that the Commerce Department did not have the power to levy so-called punitive countervailing duties, effectively tossing out a series of duties – some as high as 210 per cent – it placed on China-produced OTR and agricultural tyres imported into the US.