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WASHINGTON: In an effort to protect the domestic tyre market, US President Barack Obama has imposed a whopping 35 per cent additional import duty on Chinese tyres.

The additional import duty would be in force for three years, however, it would decline by five per cent each in subsequent years. “The additional duty to passenger vehicle and light truck tires complementing the existing four per cent duty will be set at 35 per cent ad valorem for the first year, 30 per cent ad valorem the second year, and 25 per cent ad valorem the third year,'' the White House said in a statement.

Obama signed a presidential determination in this regard after reviewing recommendations from the United States Trade Representative (USTR). “As part of its accession to the World Trade Organisation (WTO), China agreed to a special safeguard mechanism th at would allow its trading partners to implement remedies in response to import surges and under other circumstances,'' the statement said.

“The President decided to remedy the clear disruption to the US tire industry based on the facts and the law in this case,'' the White House said. - PTI

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