US Department of Commerce upholds 300% tariff on Bombardier CSeries jets
During a final determination on the antidumping duty and countervailing duty investigations against the 100-to-150-seat Bombardier CSeries aircraft, the US Department of Commerce announced that the tariffs would be upheld.
The preliminary duties, issued in September, were only slightly lowered from 299.45% to 292.21%.
“This decision is based on a full and unbiased review of the facts in an open and transparent process.” said Secretary Ross. “The United States is committed to a free, fair, and reciprocal trade and will always stand up for American workers and companies being harmed by unfair imports.”
Since the inauguration of President Donald Trump, the number of antidumping and countervailing duty investigations have risen to 79 – a 52% increase compared to the same period last year.
“The government of Canada is deeply troubled by the protectionist nature of Boeing's allegations, which seek to advance its market dominance by excluding Bombardier's C Series aircraft from the US market,” Foreign Affairs Minister Chrystia Freeland said in criticism of the determination.
“We are deeply disappointed that the Commerce Department did not take this opportunity to rectify its past errors,” Bombardier said.
“We remain confident that at the end of the process, the United States International Trade Commission will reach the right conclusion, which is that the C Series benefits the US aerospace industry, US airlines, and the US flying public.”
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.