By a 6-0 vote, the U.S. International Trade Commission ("ITC") recently announced its affirmative decision on the petition filed by U.S. producers of laminated woven polypropylene sacks against dumped and subsidized imports of these products from China. Laminated woven sacks are typically used to package pet foods, bird seeds, and similar products sold at retail. The ITC's affirmative vote means that U.S. importers of these products from China will be required to pay high duties to offset unfair pricing and Chinese government subsidies. This will restore fair competition in the U.S. market.
Joe Dorn, a partner at King & Spalding, the law firm representing the petitioners, said: " ITC's votehas broader significance, because it is the first time the U.S. government has decided to impose duties against a textile product to offset subsidies granted by the Chinese government. The decision sends a strong message to China that government subsidies that lead to imports at unfair prices will not be tolerated by the U.S. government."
A King & Spalding team, led by Jonathan Martin, corporate finance partner in the firm's London office, advised Houston-based Resaca Exploitation, Inc. on its recent admission to the AIM market and institutional placing to raise £53.3 million.