American Mattress Manufacturers Welcome the US Department of Commerce Preliminary Determination of Dumping by Chinese Mattress Producers

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May 29, 2019, 15:23 ET

WASHINGTON, May 29, 2019 /PRNewswire/ — Corsicana Mattress Company, Elite Comfort Solutions, Future Foam Inc., FXI, Inc., Innocor, Inc., Kolcraft Enterprises Inc., Leggett & Platt, Incorporated, Serta Simmons Bedding, LLC, and Tempur Sealy International, Inc. (collectively, the “Mattress Petitioners”) applaud today’s US Department of Commerce (“Commerce”) announcement finding dumping by the largest Chinese mattress producers. Commerce announced dumping margins of 38.56 to 84.64 percent for the two mandatory respondents (Healthcare Co., Ltd. and Zinus (Xiamen) Inc.) and applied dumping margins of 74.65 percent to the 33 separate rate companies that demonstrated independence from the Chinese government and 1,731.75 percent to all other Chinese producers, which are referred to collectively as the China-Wide entity. The dumping margin is the difference between the Chinese producers’ US prices and a normal value calculated under US trade law.

“We are thrilled that Commerce has confirmed that Chinese producers are relying on significant dumping margins to unfairly compete in the US market with margins as high as 1,731.75 percent,” said Yohai Baisburd, lead counsel to the Mattress Petitioners. The preliminary determination will be published in the Federal Register within a week or so at which time US Customs and Border Protection (“CBP”) will commence collecting cash deposits of dumping duties based on these margins. These dumping duties are in addition to the 25 percent “Section 301” duties the United States has imposed on a variety of Chinese goods, including mattresses.

“Today’s announcement and the collection of dumping duties are necessary steps to allow us and the whole US mattress industry to compete on a level playing field with Chinese producers,” said Christos Chrisafides, President of Elite Comfort Solutions.

Commerce also found “critical circumstances” with respect to the separate rate companies and the China-wide entity because of a surge in imports after this case was filed on September 18, 2018. CBP will be instructed to collect the cash deposits of dumping duties retroactively for 90 days from importers of mattresses covered by the critical circumstances finding.

The Mattress Petitioners believe this action is essential to ensure that the US mattress industry can compete on a level playing field and to allow for future reinvestment and growth for the entire US industry. For additional information please contact the Mattress Petitioners lead counsel, Yohai Baisburd of Cassidy Levy Kent (USA) LLP, at 202-567-2319.

SOURCE The Mattress Petitioners

https://www.prnewswire.com/news-releases/american-mattress-manufacturers-welcome-the-us-department-of-commerce-preliminary-determination-of-dumping-by-chinese-mattress-producers-300858563.html

June 4, 2019

Strong May Auto Sales

Major automakers post U.S. higher May new vehicle sales

Nick Carey, Sanjana Shivdas

(Reuters) – Major automakers on Monday reported better-than-expected U.S. new vehicle sales for May, posting the first monthly increase for 2019 as a strong economy and upbeat consumer sentiment boosted demand.

U.S. new vehicle sales through April had fallen 3 percent, fueling expectations of a weaker year for automakers in 2019 than last year, and May sales were expected to remain weak.

Concerns of a downturn have been further heightened by recent threats from U.S. President Donald Trump that he will impose new tariffs on all Mexican imports.

Cox Automotive analyst Charlie Chesbrough said the May sales figures were a “complete reversal from a slow April,” adding that “there’s no denying many of the economic indicators we follow support strong sales,” including high consumer confidence, stabilizing interest rates and low unemployment.

Fiat Chrysler Automobiles NV (FCA), reported a 2.1% rise in sales as demand for both light- and heavy-duty pickup trucks remained strong. The Ram pickup, a major profit-driver for FCA, had a 33 percent gain in sales versus May 2018.

FCA and General Motors Co have both launched redesigned pickup trucks. Ford Motor Co has for decades built the single best-selling truck brand with its F-Series trucks, with the Chevy brand a solid No. 2 and Ram a distant third. But in the first quarter of this year, Ram brand trucks outsold Chevrolet-brand trucks.

Both GM and Ford report sales quarterly instead of on a monthly basis.

Japanese automaker Toyota Motor Corp posted a 3.2% sales increase, boosted by strong demand for its Camry sedans.

Nissan Motor Co Ltd said its sales rose 0.1%, driven by SUV and truck sales. The Japanese automaker’s sales in the first fourth months of the year had fallen more than the industry average. Nissan has been heavily reliant on consumer discounts and low-margin fleet sales to boost U.S. demand, but its market share has dropped since 2016.

Hyundai Motor Co reported a 2% increase in sales, driven by strong results for its SUV models.

Honda Motor Co Ltd reported a 4.9% drop in sales for May, driven by declining sedan sales.

Passenger car sales have fallen steadily as Americans abandon sedans in favor of larger, more comfortable pickup trucks and SUVs, which are also far more profitable for automakers.

U.S. auto sales are expected to be about 16.9 million units in 2019, a 2.5% fall from 2018, according to industry consultants J.D. Power and LMC Automotive.

https://www.reuters.com/article/us-usa-autos-sales/major-automakers-post-us-higher-may-new-vehicle-sales-idUSKCN1T41TD