Hundreds of jobs are at risk in US rubber band industry due to cheap imports from the other parts of the world.
The leading producer of rubber bands, a company in Arkansas, has filed a petition to US Commerce Department to carry an investigation into the matter.
The cheap rubber band dumping in US market by China,Thailand, Sri Lanka has led to a drop of sales for local rubber bands.
US Commerce Department is to examine the import market prices of the rubber bands and determine if the prices are impacting the local manufacturers unfairly.
Speaking about the complaints received on several import goods,US Commerce Department pointed out that, “Trump administration will impose tariffs from 27% to 133% depending on the country and the type of rubber band if the prices are found unfairly low by the local industry”.
The accusation made by the key rubber band producer in Arkansas is that, foreign productions are sold 60% less than the normal rubber prices in US.
- Source: newsfirst.lk
