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Simple English definitions for legal terms
antidumping law
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A quick definition of antidumping law:
Antidumping law is a rule that helps protect companies in a country by stopping foreign companies from selling their goods at a lower price than what is considered fair. This law is important because it helps prevent unfair competition and protects local businesses. Dumping is when a company sells a large amount of goods at a lower price than what they sell for in their home country. This is not allowed if it causes harm to the local industry. The Dumping Act is a federal law that requires the Secretary of the Treasury to notify the U.S. International Trade Commission (USITC) if goods are likely to be sold abroad at less than their fair value, so that the USITC can take appropriate action.
A more thorough explanation:
Antidumping law is a rule that helps protect companies in a country by preventing foreign companies from selling their goods at a price lower than what is considered fair. This law is designed to prevent dumping, which is when a company sells a large quantity of goods at a price lower than what they sell for in their home market.
For example, if a foreign company sells their products in the United States for a lower price than they sell them for in their home country, this could be considered dumping. Antidumping laws would prevent this from happening and protect American companies from unfair competition.
Another example of dumping is when a company disposes of waste into the environment. This is harmful to the environment and can be prevented by environmental laws.
The Dumping Act is a federal law that requires the Secretary of the Treasury to notify the U.S. International Trade Commission (USITC) whenever goods are likely to be sold abroad at less than their fair value. This allows the USITC to take appropriate action to prevent dumping and protect American companies.