Caesarstone: Business Up in United States
MP MENASHE, Israel – Caesarstone Ltd. reported better results for U.S. operations during 2019’s second quarter.
Other international markets didn’t fare as well, leading to an overall dip in company finances.
Revenue for the Israeli quartz-surface maker in April-June worldwide totaled $141.1 million, but a “constant-currency” adjustment led to a 2.9% year-to-year decrease.
U.S. business grew by 6.8% in the second quarter, but the company recorded double-digit losses in Australia and Canada as Chinese quartz producers turned to other markets after large U.S. unfair-trade tariffs took effect.
First Tariffs Set on India,
Turkey Quartz Surfaces
WASHINGTON – The U.S. International Trade Administration (USITA) ordered provisional tariffs Oct. 7 on quartz surfaces from India and Turkey due to countervailing (subsidy) assistance.
The initial rates are 3.81% for all Turkish products and 4.32% for most Indian products. Indian producer Antique Marbonite will be assessed 1.57%.
The USITA also declared "critical circumstances" for all Indian and Turkish producers (with the exception of Antique Marbonite and Pokarna), so tariffs may be assessed retroactively on imports from mid-July.
A decision on separate anti-dumping tariffs will be announced in early December.