Beijing hits back in row over steel dumping
Print Edition
THE Chinese government yesterday said it has started imposing anti-dumping tariffs on certain steel imports from the European Union, Japan and South Korea, as Beijing itself comes under fire for similar trade practices.
Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 percent, the Chinese Ministry of Commerce said on its website.
The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added.
The world’s second-largest economy finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminum in violation of international trade agreements.
On Friday Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China “will not engage in a trade war or currency war.”
China’s announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel.
In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move intended to curb competition for EU producers.
The decision prompted China to launch an investigation into imports from the European manufacturers.
China has imposed such duties before. In 2012 the World Trade Organization ruled that Chinese duties on high-tech US steel violated trade rules.
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