Novonix 'welcomes' determination by DoC to impose antidumping tariffs
NOVONIX welcomes the preliminary determination by the U.S. Department of Commerce to impose antidumping tariffs of 93.5% on anode active material, which includes synthetic and natural graphite imports from China. The effective tariff rate for AAM is now 160% which includes the previously announced countervailing duty tariffs of 11.5% placed by Commerce in May, President Trump's blanket 30% tariffs on goods from China, and 25% Section 301 tariffs implemented by USTR last year. Michael O'Kronley, CEO, stated, "The decision today underscores the strategic importance of building a domestic supply chain for critical minerals, including synthetic graphite, in North America. It affirms our business strategy as well as the diversification strategy of our customers to source critical battery materials and components locally. NOVONIX, with the most advanced synthetic graphite production facility in North America, will be increasing significantly the United States production of an essential strategic mineral while strengthening American manufacturing, and creating high-quality jobs locally."
