QUINCY, Ill., Jan. 10, 2017 /PRNewswire/ -- Titan
International, Inc. (NYSE: TWI) had the final injury hearing before
the U.S. International Trade Commission (ITC) on Wednesday, January 4th and will be filing a post
hearing brief on January 11th. Titan remains optimistic that
the ITC will issue a final affirmative determination in these
cases. If the ITC makes an affirmative determination, then
countervailing duty orders will be issued by the U.S. Department of
Commerce (DOC) and importers going forward will have to post cash
deposits equal to the countervailing duty margins found or listed
in the DOC final determinations. Neutralizing unfair trade
practices that harm domestic industry is what the U.S. antidumping
and countervailing duty laws are about. Also, on January 4, 2017, the DOC made a final affirmative
determination in both the Indian and Sri Lankan countervailing duty
cases.
"We are pleased that the U.S. Department of Commerce made a
final affirmative determination in both the Indian and Sri Lankan
countervailing duty cases. Titan and the United Steelworkers
Union petitioned the ITC in January
2016 for relief from unfair trade practices. The rates
are in the 5% range for Indian imported tires and 2.2% for Sri
Lankan imports. Titan will review options once the final ITC
outcome is known, which includes a chance to comment on any
perceived errors, if identified, in the materials as released by
the DOC," stated Paul Reitz, Titan
President and CEO.
"President Elect Trump has made it clear that we need to protect
U.S. companies from the damage caused by imported products priced
at uncompetitive levels and bring manufacturing jobs back to the
U.S. Leo Gerard, President USW
International, when interviewed recently on Fox News, said it well
when he stated President Elect Trump ran on the USW agenda.
If President Elect Trump wants to add duties on imported goods, the
USW will support and work with the incoming President. We are
in agreement with his position on that and look forward to
competing on a level playing field," stated Maurice Taylor, Titan Chairman.
Company description: Titan International, Inc. (NYSE:
TWI), a holding company, owns subsidiaries that supply wheels,
tires, assemblies and undercarriage products for off-highway
equipment used in agricultural, earthmoving/construction and
consumer applications. For more information, visit
www.titan-intl.com.
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SOURCE Titan International, Inc.