US to hike duties on Chinese steel to over 500%
The US will slap duties of more than 500 per cent on imports of certain steel products from China after a ruling that the influx of Chinese steel has hurt the US industry.
Wednesday’s ruling by the International Trade Commission, an independent government agency, follows a recommendation by the US Commerce Department in May for heavy duties to be imposed on imports of cold-rolled steel products from China and Japan.
The anti-dumping case brought by the US industry last year is one of three that Washington is considering this summer and comes amid a growing row between the US and China over steel, reports Shawn Donnan in Washington.
It also comes as the EU is considering whether to bow to Beijing’s demands and grant it “market economy” status in the World Trade Organisation.
The issue is a hugely popular one in rust belt states, particularly in an election year.
Senator Rob Portman, who is fighting a tough battle for re-election in Ohio, claimed on Wednesday that his testimony to the ITC had helped secure the ruling.
“Ohio steelworkers produce the highest quality steel in the world, and yet they are facing a crisis,” said Portman. “Nearly 1,500 Ohio steelworkers were laid off last year through no fault of their own. Today the ITC recognized exactly what I told them: that unfair, dishonest practices from competitors in China and Japan are hurting our communities. Today’s ruling is the next step in leveling the playing field, and it is a big win for Ohio steelworkers.”