Core Viewpoint - The U.S. Department of Commerce has imposed anti-dumping duties of up to 172.24% on hard gelatin capsules from China, Brazil, India, and Vietnam, indicating a strategic move against China despite its relatively smaller export volume in this category [1][5]. Group 1: Trade Measures - The anti-dumping tax rate for Shandong HERSHEY Capsules is as high as 172%, while Shanxi Jicheng Bio is only taxed at 5.4%, highlighting significant disparities in treatment [3]. - The U.S. measures not only target specific companies but also cover products exported through third parties, indicating a comprehensive approach to prevent circumvention [3]. Group 2: Strategic Intent - The imposition of these duties is seen as part of a broader strategy to decouple the pharmaceutical supply chain from China, with hard gelatin capsules being a critical component in the industry [3][5]. - The U.S. had previously initiated a countervailing duty investigation on similar products in March, suggesting a premeditated series of actions against Chinese manufacturers [3]. Group 3: Market Dynamics - In 2023, China's exports of hard gelatin capsules to the U.S. were only $43.6 million, significantly lower than India's $63.35 million, indicating that the U.S. is targeting China not based on volume but on the complexity and irreplaceability of its supply chain [5]. - The Chinese capsule production relies on a complete upstream and downstream supply chain, which the U.S. aims to disrupt [5]. Group 4: Future Outlook - The high tariffs present challenges for Chinese companies, but there are opportunities for adaptation, such as exploring emerging markets in Southeast Asia and Africa or upgrading technology to develop high-value products [5][7]. - The current crisis may serve as a catalyst for industry upgrades, emphasizing the importance of proactive change rather than passive resistance [7]. - The long-term effects of these trade measures may lead to a fragmented global supply chain, ultimately impacting consumers [7].

美国作出硬质空心胶囊反倾销初裁 智通财经5月26日电，美国商务部宣布对进口自中国、巴西、印度和越南的硬质空心胶囊作出反倾销初 裁，初步裁定中国生产商/出口商的倾销率为5.40%－172.24%（抵消补贴后的保证金调整为不适用）、 巴西生产商/出口商的倾销率为77.29%（抵消补贴后的保证金调整为不适用）、印度生产商/出口商的倾 销率为3.60%－24.78%（抵消补贴后的保证金调整为0.0%－14.91%）、越南生产商/出口商的倾销率为 9.99%（抵消补贴后的保证金调整为8.35%）。美国商务部预计将于10月13日对上述涉案产品作出反倾 销终裁。 ...