EU ups import tariffs on China steel
While China is trying to define its future trade relations with the US, it's been delivered a broadside from the European Commission. Brussels announced it had raised duties on Chinese steel imports.
The EU executive said Thursday it had set anti-dumping duties on imports of hot-rolled flat steel products from China at a higher rate than the preliminary tariffs already in place.
The European Commission explained it had set final duties of between 18.1 percent and 35.9 percent for five years for producers including Bengang Steel Plates, Handan Iron & Steel and Hesteel.
This compared with provisional rates in place of 13.2 to 22.6 percent, following a complaint by EU producers ArcelorMittal, Tata Steel and ThyssenKrupp.
A lot at stake
China is the world's top producer and consumer of steel. It announced early last year it would shut as much as 150 million tons of annual production capacity over the next five years, but capacity actually rose in 2016.
The Commission insisted the higher duties were meant to shield EU steel makers from the effects of Chinese dumping.
China's Ministry of Commerce said it was highly concerned by the decision and urged Brussels "to correct its mistake," adding it would take necessary measures to protect its companies.
The European Commission said Thursday it had decided not to impose provisional duties on the same product from Brazil, Iran, Russia, Serbia and Ukraine, noting that investigations related to imports from these nations would continue for another six months.