China cries foul over new U.S. steel duties
Says anti-dumping penalties deliberate, will hamper trade
China has charged the U.S. with unfair trade policies after imposing a new wave of penalties on low-priced steel imports.
After the Commerce Depart- ment on Wednesday announced anti-dumping duties on Chinese corrosion-resistant steel products of up to 210%, that country’s Ministry of Commerce accused the U.S. of hampering trade. Last week, the U.S. announced duties of up to 522% on cold-rolled steel used in automobiles and other manufacturing.
“The United States has deliberately suppressed the bulk of Chinese steel exports,” the Ministry said in a statement. “This not only harms Chinese steel enter- prises but hinders trade and cooperation between enterprises.”
Criticism of China, which is the world’s largest steel producer, has escalated as the G7 convenes in Tokyo. In advance of the meetings that begin Thursday, European Commission President Jean-Claude Juncker warned about new anti-dumping tariffs of its own. “If somebody distorts the market, Europe cannot be defenseless,” Juncker said, according to Reuters.
The Group of Seven countries — the U.S., the U.K., Canada, France, Germany, Italy and Japan — are expected to take action to combat a global steel glut, based on draft text obtained by Reuters.
The Commerce Department’s International Trade Administration (ITA) issued its penalties after the agency investigated U.S. steel makers’ complaints that dumping of low-priced steel imports has led to domestic job losses. The ITA issued less harsh anti-dumping duties on steel from India, Italy, Korea and Tai- wan, as well as penalties for unfair government subsidies on steel from China, India, Italy and Korea. Imports of corrosion-resistant steel from those countries totaled nearly $1.9 billion, with Chinese products accounting for $500.3 million, the ITA said.
Chinese officials say U.S. regulators used incorrect standards for calculating production cost and market prices of steel imports from its manufacturers.