October 28, 2016

US slaps China steel imports with five-fold tax increase


The US has raised its import duties on Chinese steelmakers by more than five-fold after accusing them of selling their products below market prices.
The taxes specifically apply to Chinese-made cold-rolled flat steel, which is used in car manufacturing, shipping containers and construction.
The US Commerce Department ruling comes amid heightened trade tensions between the two sides over several products, including chicken parts.
Steel is an especially sensitive issue.
US and European steel producers claim China is distorting the global market and undercutting them by dumping its excess supply abroad.
A separate filing by major US steelmakers to the International Trade Commission is looking to completely ban all Chinese steel imports.
The US steel industry claims that around 12,000 workers have been laid off in the past year because of unfair Chinese competition.
China claims the weak economy is more responsible for the industry’s problems and that it has taken steps to reduce its steel production.
Last year, China’s imports of cold-rolled steel flat products to the US were valued at an estimated $272.3m (£188.5m).

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