FX.co ★ U.S. Slaps 93.5% Dumping Tariff on Chinese Graphite

The U.S. Commerce Department has announced preliminary anti-dumping duties of 93.5% on Chinese imports of graphite, essential for battery production, citing evidence of unfair subsidies, according to a report by Bloomberg News. This decision responds to a December petition from the American Active Anode Material Producers, which accused Chinese companies of breaching anti-dumping laws. Including existing tariffs, the effective tariff rate now stands at 160%, as per the group's report. This development is likely to further intensify tensions within the global electric vehicle supply chain, already pressured by China's export restrictions on crucial minerals and battery technology. Consequently, shares of battery suppliers experienced a decline, whereas North American graphite producers saw a rise. This preliminary determination was announced by the Commerce Department on Thursday, with a final ruling anticipated by December 5.