Giti raises US prices
Giti Tire (USA) has raised its US prices by 9.5 per cent in response to the countervailing duties introduced by the country’s government. The increases affect all passenger and light truck tyres (excluding ST tyres) produced by Giti in China, and are effective from 1 January 2015. US industry journal Tire Review revealed the anticipated price hike had been implemented as a result of the 11.74 per cent adjusted countervailing duties imposed by the US Department of Commerce on Giti Tire Fujian Co Ltd. Giti said it was still “committed” to the US market.
Giti was initially handed a 17.69 per cent duty, but appealed the accuracy of the calculations. The DOC reviewed its claims and announced in December that ministerial errors were made.
Giti said that it has held off on price increases from its distribution centres during the DOC appeal because its stock inventory was not subject to CVD action. That inventory is now depleted and the company must account for the impact of the duties on tires that cleared US Customs effective 1 December 2014.
The next DOC action is scheduled for 20 January 2015, when it will decide if anti-dumping duties will be assessed against tyres manufactured in China.
“Giti Tire is committed to the US market, and we look forward to working closely with our dealers to provide American consumers great quality tires at affordable prices,” said Armand Allaire, executive vice president of sales and marketing for Giti Tire (USA). Tire Review