BEIJING: China said it was “strongly dissatisfied” with the US decision to impose anti-dumping duties ranging from 97 percent to 162 percent on Chinese aluminum foil, urging Washington to correct its “mistaken methods.”
The preliminary ruling on Friday was a victory for US aluminum foil makers who filed a complaint with the Commerce Department accusing Chinese producers of dumping foil into the US market at below cost or fair market value.
In 2016, US aluminum foil imports from China were valued at $389 million, according to the Commerce Department, which said it would issue its final determination for the duties on February 23.
Chinese Commerce Ministry official Wang Hejun said in a statement late on Saturday that the United States was still using “discriminatory” surrogate country pricing methods to put high duties on Chinese goods.
The United States is not only harming the interests of Chinese companies, but also damaging the authority of multilateral trade rules, Wang said.
“We urge the United States to earnestly fulfill its international obligations, and take real action to correct its mistaken methods,” Wang said, adding that China would take steps to protect Chinese companies’ legal rights.
Beijing complains that the United States uses a now expired clause in China’s 2001 World Trade Organization accession deal that for years allowed other WTO members to use a third country’s prices to assess whether Chinese goods were being dumped.
The US Commerce Department said the aluminum foil duties were based on evidence using its standard methodology for determining dumping duties against non-market economies.
Washington has determined in the past that such measures were needed because China failed the test of whether it operates as a market economy, given the government’s control over price and output decisions of enterprises and other factors, such as the extent to which its currency is convertible.
US President Donald Trump’s administration has made enforcement of trade laws a top priority.
From January 20, the day Trump took office, through October 25, the Commerce Department said it initiated 77 anti-dumping and countervailing duty investigations, up 61 percent from the previous year.
China angered over US aluminum foil anti-dumping duties
China angered over US aluminum foil anti-dumping duties
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
