US raises China steel taxes by 522%

Jessica TranterLast Update : Wednesday 18 May 2016 - 4:05 AM
US raises China steel taxes by 522%

US slaps China steel imports with five-fold tax increase

A worker at a steel wholesale market in Liaoning Province, ChinaImage copyright Getty Images
Image caption China’s steel industry is being accused of selling their products in other countries at unfair prices

The US 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).

Source: BBC Business

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2016-05-18 2016-05-18
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Jessica Tranter