Beijing slaps duties on Japan, EU, South Korea over steel imports
July 25, 2016
China said Sunday it has started imposing antidumping 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 Commerce Ministry 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, which makes more than half the world’s steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium 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 organizations that China “will not engage in a trade war or currency war.”
Nevertheless, the EU sees itself under attack.
Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group’s steel industry against China using “all the means at our disposal.”
He also said there is a “clear link” between the steel issue and the EU’s decision on whether to grant China “market economy status” — a prize eagerly sought by Beijing.
China has been pressing the EU to grant it such a status — which will make it harder for the bloc to levy antidumping tariffs — before year-end, citing World Trade Organization rules.
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