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U.S. slaps duties on Vietnamese tires over undervalued currency

The U.S. Commerce Department on Thursday slapped preliminary countervailing duties of 6.23% to 10.08% on imported light vehicle tires from Vietnam, applying for the first time a new rule to combat undervalued currencies.

The new duties will apply to imported passenger vehicle and light truck tire imports of $469.6 million annually, with a final injury determination due by April 30, 2021, Commerce said in a statement. The department also is conducting anti-dumping duty investigations of light vehicle tires from Vietnam, South Korea, Taiwan, and Thailand and said it expects to announce those preliminary results on Dec. 29.