177 Million Dollar hit to Ecuador’s Shrimp Industry due to a mistake

Posted on September 12, 2013 • Filed under: Ecuador

The most shocking development in the shrimp countervailing duty case has been the sudden reversal on Ecuador. Initially the Department of Commerce (DOC) found no evidence of Ecuador shrimp subsidies, and therefore in the preliminary ruling set their duty rate to zero (di minimus).

In the final ruling in August, the DOC reversed course, and tagged Ecuador with an 11.88% duty. This duty – which requires a cash deposit rate of 11.68%, will result in a $177 million hit to Ecuador’s shrimp producers and buyers between now and 2016, at which point it will be reversed. Read Article

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