Beijing [China], May 19 (ANI): The Chinese Commerce Ministry has announced that China will impose anti-dumping duties on imports of polyformaldehyde copolymer originating in the United States, the European Union, Taiwan, and Japan from May 19 for five years, Xinhua reported.

An investigation has revealed that imports of polyformaldehyde copolymer from these nations have involved dumping, which caused damage to the polyformaldehyde copolymer industry in the Chinese mainland, according to the ministry. It said that the anti-dumping duty rates will range from 3.8 per cent to 74.9 per cent.

Polyformaldehyde copolymer is mainly used in sectors, including auto parts, industrial machinery, electronic appliances, sports equipment and medical equipment to partially replace copper, zinc, tin, lead and other metal materials, Xinhua reported.

Beijing's decision comes after the US and China reached an agreement that they will withdraw their previously announced reciprocal tariffs and counter tariffs for an initial period of 90 days. In the meantime, China will impose 10 per cent tariffs on US goods, and the US will tax Chinese goods at about 30 per cent.

The understanding was arrived at recognising the importance of their bilateral economic and trade relationship to both countries and the global economy, as per a joint statement released on May 12.

Both countries recognised the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship. China and the US reflected on their recent discussions and believed that continued discussions have the potential to address each side's concerns in their economic and trade relationship.

The two countries will establish a mechanism to continue discussions about economic and trade relations. The representative from the Chinese side for these discussions will be He Lifeng, Vice Premier of the State Council, and the representatives from the US side will be Scott Bessent, US Secretary of the Treasury, and Jamieson Greer, United States Trade Representative.

'These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues,' the joint statement added. (ANI)