Record trade re­tal­i­a­tions have hit China

The Star Early Edition - - BUSINESS REPORT - Reuters

CHINA was hit with a record num­ber of re­tal­ia­tory trade mea­sures last year, the Min­istry of Com­merce said yes­ter­day, with coun­tries around the world claim­ing it had flooded global mar­kets with cheap steel and other prod­ucts.

“Trade dis­putes are be­com­ing in­creas­ingly politi­cised, mea­sures are in­creas­ingly ex­treme and fi­nal tar­iff rates are rel­a­tively high,” said min­istry spokesman Sun Ji­wen at a reg­u­lar brief­ing, sin­gling out mea­sures taken against China’s steel, so­lar panel, ce­ram­ics and tyre in­dus­tries.

Chi­nese pol­i­cy­mak­ers are wary of US pres­i­dent-elect Don­ald Trump’s pro­tec­tion­ist stance on global trade, as he has promised a hard line against China, threat­en­ing to raise tar­iffs on its ex­ports to the US once he takes of­fice on Jan­uary 20.

Sun said that in 2016, 27 coun­tries and re­gions took out 119 trade reme­dies against China, with the rel­e­vant cases to­talling $14.34 bil­lion (R196.35bn), up 76 per­cent from the pre­vi­ous year.

Twenty-one coun­tries and re­gions took 49 reme­dies against Chi­nese steel, cost­ing $7.90bn, up 63.1 per­cent from 2015.

Trade reme­dies are trade pol­icy tools that al­low gov­ern­ments to take re­me­dial ac­tion against im­ports which are hurt­ing do­mes­tic in­dus­tries.

They in­clude anti-dump­ing ac­tions, coun­ter­vail­ing du­ties and emer­gency mea­sures to safe­guard in­dus­tries.

The world’s sec­ond-largest econ­omy is fre­quently blamed for dump­ing cheaper goods on world mar­kets be­cause of sub­si­dies.

China plans to in­crease its tar­gets for ca­pac­ity cuts in steel and coal this year, while ex­tend­ing its cam­paign against over­ca­pac­ity in other in­dus­tries such as ce­ment and glass, state me­dia re­ported in De­cem­ber.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.