Core Viewpoint - The Ministry of Commerce of China has announced the initiation of a final review investigation into anti-dumping measures applicable to imported Ethylene-Propylene-Diene Monomer (EPDM) rubber from the United States, South Korea, and the European Union, following a request from domestic producers [1][2]. Group 1: Anti-Dumping Measures - The anti-dumping duties imposed on EPDM rubber from the U.S. range from 214.9% to 222.0%, from South Korea 12.5% to 24.5%, and from the EU 14.7% to 31.7%, effective from December 20, 2020, for a period of five years [1][3]. - The review will continue to apply the same tax rates during the investigation period, which starts on December 20, 2025 [3][4]. Group 2: Investigation Details - The investigation period for dumping will cover from July 1, 2024, to June 30, 2025, while the injury investigation period will span from January 1, 2021, to June 30, 2025 [4][5]. - The scope of the review includes the same products as those covered by the original anti-dumping measures, specifically EPDM rubber [5][8]. Group 3: Industry Impact - The applicants, representing the domestic EPDM rubber industry, argue that terminating the anti-dumping measures could lead to continued or renewed dumping and potential harm to the domestic industry [2][8]. - EPDM rubber is widely used in various sectors, including construction, automotive, and electrical industries, indicating its significance in the market [6].

Core Viewpoint - The Ministry of Commerce of China has announced a review of anti-dumping measures on imported ethylene propylene diene monomer (EPDM) rubber from the United States, South Korea, and the European Union, following a request from domestic companies, indicating potential ongoing or renewed dumping and damage to the domestic industry if measures are terminated [1]. Group 1 - The Ministry of Commerce received an application for a final review of anti-dumping measures on October 17, 2025, from China National Petroleum Corporation Jilin Petrochemical Company and Shanghai Sinopec Mitsui Elastomers Co., Ltd [1]. - The review will investigate the period of dumping from July 1, 2024, to June 30, 2025, and the period of industry damage from January 1, 2021, to June 30, 2025 [1]. - The Ministry has decided to continue imposing anti-dumping duties on EPDM rubber from the U.S., South Korea, and the EU during the review period, based on the rates established in the 2020 announcement [1]. Group 2 - The anti-dumping tax rates established in the 2020 announcement are as follows: 214.9% to 222.0% for U.S. companies, 12.5% to 24.5% for South Korean companies, and 14.7% to 31.7% for EU companies, with a five-year implementation period starting from December 20, 2020 [2]. - The anti-dumping measures on EPDM rubber from the UK will expire on December 20, 2025 [1].

Core Viewpoint - The rise of global trade protectionism is leading to anti-dumping and anti-subsidy measures becoming a long-term norm, prompting Chinese export companies to utilize RCEP transshipment trade as a vital tool for restructuring international channels [1]. Group 1: RCEP Institutional Benefits - The Regional Comprehensive Economic Partnership (RCEP) has simplified origin rules, expanded regional accumulation scope, and reduced tariff barriers among members, resulting in structural changes in regional trade models [4]. - According to RCEP origin rules, products with over 30% cumulative value added within member countries can be recognized as RCEP-origin products, significantly lowering the threshold for "origin transformation" [4]. - By 2025, intermediate goods trade within the RCEP region is projected to reach 68.3%, indicating the rapid formation of a regional supply chain characterized by processing, transshipment, and redistribution [4]. Group 2: Southeast Asia as a Transshipment Hub - Southeast Asian countries are emerging as crucial transshipment hubs due to their industrial capacity and advantageous tariff structures, connecting China with global markets [6]. - Average tariff levels for exports to Europe and the U.S. range from 5% to 15%, making Southeast Asia an attractive option for intermediate processing and value addition [6]. - The domestic "zero tariff" policy in Hainan Free Trade Port, covering approximately 6,600 items, further reduces costs for transshipment and regional distribution, facilitating a multi-stage export pathway of "domestic—RCEP—third market" [6]. Group 3: Back-to-Back Certificates Enhancing Feasibility - A key innovation of RCEP is the issuance of back-to-back certificates of origin, effectively addressing the challenge of maintaining origin qualifications in transshipment trade [8]. - In practice, goods transiting between RCEP member countries can have their origin certificates reissued as long as they retain their origin attributes and meet agreement conditions, allowing subsequent exports to benefit from tariff reductions [8]. - For instance, in the first seven months of 2025, enterprises in Qingdao utilized RCEP certificates to achieve an export value of 7.26 billion yuan, a year-on-year increase of 21.8% [8]. Group 4: Upgrading Transshipment Trade - Current RCEP transshipment trade is evolving from simple "logistics transshipment" or "label changes" to a more compliant, processed, and structured approach [9]. - The processing phase is increasingly focused on substantial value addition, with stricter verification of origin rules and higher compliance requirements for documentation [9]. - Transshipment pathways are becoming integrated into long-term supply chain planning for enterprises, indicating that transshipment trade is transitioning from an "emergency measure" to a systematic export solution [9]. Group 5: Future Outlook - With the long-term trend of anti-dumping measures and detailed origin reviews, the core of future export competition will hinge on the ability to establish regional supply chain layouts, familiarity with RCEP origin rules, and the capacity to achieve identity transformation under compliance [11]. - RCEP transshipment trade is expected to continue expanding in the coming years, becoming a key pathway for Chinese export companies to tackle high tariff barriers, diversify market risks, and enhance export resilience [11]. - In the context of reshaping global trade rules, RCEP serves not only as a tariff reduction agreement but also as a tool for reconstructing regional industrial chains and export pathways [11].

«——【·前言·】——» 调查结束，中方对欧盟猪肉加征关税，马克龙威胁也没用。那么，中方此时对欧盟猪肉出手，背后有着 怎样的考量？马克龙"关税威胁"为何最终会沦为空谈？ «——【·中方制裁落地·】——» 消息刚一传出，欧盟方面的反应就跟按了快进键似的。尤其是法国总统马克龙，此前就借着经贸磋商的 由头放话，声称要是中国"不解决中欧贸易失衡问题"，欧盟就要"被迫采取强硬反制"，言语里的威胁意 味藏都藏不住。 12月16日这天，中国商务部直接抛出了一则炸场通告，瞬间让中欧贸易圈的神经紧绷起来。这份编号为 2025年第80号的公告白纸黑字写得明白，针对原产于欧盟的相关猪肉及猪副产品，反倾销调查已经完成 终裁，从12月17日开始就要依法征收反倾销税，而且这一措施一执行就是五年。 可这会儿中方终裁公告一落地，才发现这些警告压根没掀起半点波澜，马克龙的强硬表态彻底成了空谷 回音。 有欧洲媒体当天就捕捉到一个细节，马克龙的办公室在公告发布三小时后才勉强回应，措辞里没了之前 的硬气，只含糊地说"对这一结果表示遗憾"。 明眼人都看得出来，这哪里是遗憾，分明是底气不足的表现。毕竟中方这次的动作，从头到尾都踩着规 则的红线走，欧盟就 ...

Core Viewpoint - China has initiated anti-dumping duties on imported pork and pork products from the European Union (EU) to protect its domestic industry against low-priced imports [2][12]. Group 1: Anti-Dumping Measures - Starting December 17, China will impose anti-dumping duties on pork and related products from the EU, as announced by the Ministry of Commerce [2][10]. - The decision follows a thorough investigation process initiated in June 2024, which included preliminary rulings, hearings, and on-site verifications [4][12]. - The measures target fresh pork, frozen pork, and pig offal, addressing the issue of "low-price dumping" that has negatively impacted domestic pig farmers and slaughterhouses [4][12]. Group 2: EU's Anti-Dumping Practices - The EU has been actively conducting anti-dumping investigations against Chinese products across various sectors, including metals, smart devices, and chemicals, reflecting a trend of increasing trade tensions [5][13]. - The EU's concerns stem from China's competitive edge in sectors like solar energy and photovoltaic products, where it has achieved global leadership, prompting the EU to seek trade barriers to protect its own industries [5][13]. - The EU's approach is influenced by external pressures, including the trade protectionism exhibited by the Trump administration, which has led to a more cautious stance towards China [5][13]. Group 3: Trade Dynamics Between China and the EU - The anti-dumping measures from both sides represent a "rules contest" in global trade, highlighting the contradictions in the EU's stance, which claims market distortion while relying heavily on the Chinese market [6][14]. - China’s anti-dumping actions are characterized as defensive, adhering to legal procedures and aiming to ensure fair trade rather than outright protectionism [8][16]. - The imposition of duties on EU pork is seen as a means to encourage the EU to reconsider its trade strategies, focusing on quality competition rather than price undercutting [8][16].

Group 1: Nasdaq Trading Hours Extension - Nasdaq plans to submit a proposal to the SEC to extend trading hours from the current 16 hours to 23 hours per day, five days a week [1] - The new trading schedule will include a daytime session starting at 4 AM and ending at 8 PM, and a night session from 9 PM to 4 AM the next day [1] - The trading week will begin on Sunday at 9 PM and end on Friday at 8 PM, with trades executed during the night session counted towards the next trading day [1] Group 2: A-Share Market Performance - A-share indices collectively declined, with the Shanghai Composite Index down 1.22%, the Shenzhen Component down 1.88%, and the ChiNext Index down 2.35% [2][6] - Over 4,400 stocks in the market experienced declines, while sectors such as dairy and retail showed strength, with stocks like Huangshi Group and Yonghui Supermarket hitting the daily limit [2][6] - Conversely, sectors like film and photovoltaic saw significant adjustments, with stocks like Bona Film and Dongfang Risheng dropping over 10% [2][6] Group 3: Anti-Dumping Measures on EU Pork Products - The Ministry of Commerce announced the final ruling on anti-dumping investigations into EU pork and pork products, confirming that dumping has caused substantial damage to the domestic industry [3][5] - The final ruling will impose anti-dumping duties ranging from 4.9% to 19.8% on EU companies, effective from December 17, 2025, for a period of five years [3][5] Group 4: Currency Exchange Rates - The onshore and offshore RMB against the USD have reached new highs, with the offshore rate breaking 7.04 and the onshore rate peaking at 7.0417 [7] - Analysts attribute the RMB's strength to the decline of the USD index and increased demand for currency exchange as the year-end approaches [7] - The RMB is expected to maintain a strong position in the short term, with attention on USD trends and domestic growth policies [7]

Core Viewpoint - China has significantly reduced tariffs on pork imports from the European Union, now set at up to 19.8%, down from preliminary tariffs of up to 62.4% following an investigation into EU's trade practices [1][4]. Group 1: Tariff Changes - The final tariff rates for pork imports from the EU will range from 4.9% to 19.8%, effective for five years starting Wednesday [4]. - The initial anti-dumping duties imposed in September ranged from 15.6% to 32.7% for EU companies involved in the investigation, with a maximum of 62.4% for others [3]. Group 2: Trade Context - The EU has a significant trade deficit with China, exceeding 300 billion euros ($348 billion) last year, while being a major exporter of pork and related byproducts to China [2]. - EU pork exports to China reached a peak of 7.4 billion euros ($7.9 billion) in 2020, driven by China's need for imports due to domestic supply issues caused by a swine disease [5]. Group 3: Investigation Findings - China's Commerce Ministry concluded that the EU was dumping pork and pig by-products in China, selling them below production costs, which harmed the domestic pork industry [4]. - The new tariffs will apply to all types of pork products, including fresh, chilled, frozen, dried, pickled, smoked, or salted [4].

Core Viewpoint - The Ministry of Commerce has announced the final ruling on the anti-dumping investigation regarding imported pork and pig by-products from the European Union, confirming the existence of dumping and substantial damage to the domestic industry [1][2]. Group 1: Investigation and Findings - The investigation was initiated on June 17, 2024, to assess whether there was dumping of pork and pig by-products from the EU and its impact on the domestic industry [1]. - The preliminary ruling on September 5, 2025, found that dumping occurred and caused substantial harm to the domestic industry, establishing a causal relationship between dumping and damage [1]. Group 2: Anti-Dumping Tax Implementation - Starting December 17, 2025, an anti-dumping tax will be levied on imported pork and pig by-products from the EU, as recommended by the Ministry of Commerce [2]. - The anti-dumping tax will be calculated based on the customs-determined taxable price of the imported goods [9]. Group 3: Product Description and Scope - The products under investigation include fresh, chilled, frozen pork, and various pig by-products suitable for human consumption, categorized under specific tariff codes [5][6]. Group 4: Tax Collection and Review Process - The anti-dumping tax will be in effect for five years starting from December 17, 2025, with provisions for new exporters to apply for a review if they were not involved during the investigation period [10][12]. - Importers who provided a guarantee to customs between September 10, 2025, and December 16, 2025, will have their guarantees converted into anti-dumping tax based on the final ruling [9].

Trade Measures - China's Ministry of Commerce, based on the recommendation of the State Council Tariff Commission, will impose anti-dumping duties on imported pork and pork by-products originating from the EU starting December 17, 2025 [1] - The anti-dumping duty rates range from 49% to 189% [1] - The Ministry of Commerce has preliminarily ruled that imported pork and pork by-products originating from the EU are being dumped, causing substantial damage to the domestic industry, and there is a causal link between the dumping and the damage [2] - Starting September 10, 2025, importers of the investigated products must provide corresponding cash deposits to China Customs based on the cash deposit ratio determined in the preliminary ruling for each company [2]

根据《中华人民共和国反倾销条例》（以下称《反倾销条例》）的规定，2024年6月17日，商务部（以 下称调查机关）发布2024年第23号公告，决定对原产于欧盟的进口相关猪肉及猪副产品（以下称被调查 产品）进行反倾销立案调查。 初步裁定后，调查机关对倾销和倾销幅度、损害和损害程度以及倾销与损害之间的因果关系进行了继续 调查。现本案调查结束，根据《反倾销条例》第二十五条规定，调查机关作出最终裁定（见附件1）。 现将有关事项公告如下： 一、最终裁定 调查机关最终认定，原产于欧盟的进口相关猪肉及猪副产品存在倾销，国内产业受到实质损害，而且倾 销与实质损害之间存在因果关系。 被调查产品的具体描述如下： 调查范围：原产于欧盟的进口相关猪肉及猪副产品。 被调查产品名称：相关猪肉及猪副产品。 英文名称：Certain pork and pig by-products。 调查机关对被调查产品是否存在倾销和倾销幅度、被调查产品是否对国内产业造成损害及损害程度以及 倾销与损害之间的因果关系进行了调查。根据调查结果和《反倾销条例》第二十四条的规定，2025年9 月5日，调查机关发布初裁公告，初步认定原产于欧盟的进口相关猪肉及猪副产品存 ...