Vietnamese exporters of passenger vehicle and light truck (PVLT) tires were given unfair subsidies because of a currency undervaluation, the U.S. Department of Commerce said.
- In a countervailing duty investigation, the department determined that Vietnamese exporters were subsidized by 6.23% to 7.89%.
- The subsidies came from the conversion of U.S. dollars into Vietnamese dong at an undervalued exchange rate.
- The ruling is the first affirmative final determination involving the Currency Rule that sets out the approach on investigations on subsidies due to undervalued foreign exchange rates.
- The department also found that several Asian countries dumped PVLT in the United States.
- PVLT tires from South Korea came at 14.72% to 27.05%; from Taiwan at 20.04% to 101.84%; Thailand at 12.62% to 21.09%; and Vietnam from 0.00% to 22.30%.
- Final injury determinations are scheduled to be made by the U.S. International Trade Commission on July 5, 2021.