The United States on Friday set new import duties on solar products from China and Taiwan after the Commerce Department found that the solar panels and cells are being sold too cheaply on the U.S. market.
Preliminary anti-dumping duties as high as 165.04 percent for Chinese goods would come on top of anti-subsidy levies imposed last month, as the U.S. arm of German solar manufacturer SolarWorld seeks to close a loophole allowing Chinese producers to sidestep duties imposed in 2012.
China’s Trina Solar faces total import duties of nearly 30 percent and Suntech Power nearly 50 percent as a result of Friday’s decision.
Taiwanese producers face anti-dumping duties of up to 44.18 percent, with the highest rate applying to Motech Industries, Commerce said. There will be no doubling-up of duties with those from the 2012 case.
The new duties, which must still be confirmed, are likely to inflame U.S.-China tensions already exacerbated by recent accusations that Chinese military officers were cyberspying on U.S. companies involved in trade disputes, including SolarWorld.
SolarWorld said the new duties would average 47 percent for most companies, compared with 31 percent in the 2012 case.
The company, which makes crystalline silicon solar panels in Oregon, complained that Chinese manufacturers dodged those duties by shifting production of the cells used to make their panels to Taiwan.
● A market trading unit of Citigroup will pay $5 million to settle federal civil charges that it failed to protect the confidentiality of customer trading data. The Securities and Exchange Commission announced the settlement with Citigroup’s LavaFlow. It operates an alternative trading system, which makes stock trades for brokerage firms and other traders. The settlement includes a $2.85 million penalty, the largest the SEC has imposed on an alternative trading system. The company also will return $1.8 million in profit and $350,000 in interest.
● Xerox reported a 2 percent fall in second-quarter revenue, hurt by lower demand in its printing business. Net income attributable to Xerox fell to $266 million, or 22 cents per share, for the quarter ended June 30, from $271 million, or 21 cents per share, a year earlier. Revenue fell to $5.29 billion, from $5.39 billion a year earlier. Revenue from its printing business, which accounts for 40 percent of total revenue, fell 6 percent.
● New orders for long-lasting durable goods rose 0.7 percent last month after a sharp 1 percent decline the previous month, the Commerce Department said. Economists had expected a smaller rise of 0.5 percent. The June increase was the fourth in five months and a signal of stronger overall economic growth this year after a weather-fueled contraction in the first quarter. The report also showed a big jump in a key category viewed as a barometer for business investment plans. Orders for non-defense capital goods, excluding often-volatile aircraft figures, rose 1.4 percent in June after a 1.2 percent decline the previous month. The Commerce Department originally reported those orders increased 0.7 percent in May.
● A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Md., casino held a similar recruitment effort in January when The Atlantic Club shut down. With the impending closings of the Showboat on Aug. 31 and Trump Plaza on Sept. 16, and the possible shutdown of Revel if a buyer isn’t found at a bankruptcy court auction next month, as many as 8,000 Atlantic City casino workers could be without work by the end of the summer.
— From news services
● Monday: Pending home sales index for June, 10 a.m.