Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
EU Delays Mercosur Free Trade Agreement Signing Amid Ukraine War Funding Talks 
U.S. Stock Futures Slip After CPI-Fueled Rally as Markets Weigh Economic Uncertainty 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
Oil Prices Climb on Venezuela Blockade, Russia Sanctions Fears, and Supply Risks 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
After the Trump administration announced sharp tariffs on imports of washing machines and solar panels, South Korea not only protested the decision and decided to take up the issue to the World Trade Organization (WTO). However, that is not preventing the Trump administration to counter alleged trade malpractices against the Koreans.
Earlier this week, the U.S. commerce department announced preliminary anti-dumping duties on imports of low melt polyester staple fiber from Taiwan, and Republic of Korea (South Korea). The department determined that exporters from Korea and Taiwan have sold the above-mentioned product in the United States at 0.00 to 16.48 percent and 52.00 percent less than fair value, respectively. The Commerce Department will announce the final determination on 8th June of this year.
As a result of the decision, the department has asked the U.S. customs and border protection agency (CBP) to collect cash deposits from importers. The decision was made in response to the petition filed by Nan Ya Plastics Corporation of South Carolina. According to the calculation, imports of low melt polyester staple fiber from Korea and Taiwan were valued at an estimated $76.6 million and $26.8 million, respectively in 2016.
Under the leadership of Secretary Wilbur Ross, the U.S. Commerce Department has followed through President Trump’s promise to cut down malpractices that tend to rob the United States of manufacturing jobs. In the first year, the Trump administration has initiated 84 AD and CVD investigation, 58 percent increase compared to a year before.
A statement on Commerce department quoted Secretary Wilbur Ross saying, “Today’s decision allows U.S. producers of low melt polyester staple fiber to receive relief from the market-distorting effects of foreign producers dumping their goods into the domestic market……Though politics plays no role in antidumping investigations, President Trump made it clear that we will vigorously enforce our trade laws and provide U.S. industry relief from unfair trade practices.”
