Agency. China will maintain tariffs on some steel products from the European Union (EU), Britain, South Korea and Indonesia, the Ministry of Commerce said on Monday. The duties on stainless steel billets and hot-rolled plates, first imposed by Beijing in 2019, range from 20.2 percent for Indonesian imports to 43 percent for the EU.
China’s Ministry of Commerce said an internal investigation showed that the potential termination of anti-dumping duties could still cause “damage” to the domestic stainless steel industry. “The authorities will therefore continue to impose tariffs on products from the three countries and the European bloc ‘for a period of five years starting from July 1,’” the ministry said in a statement.
China, the world’s largest steel producer, first took these measures in response to tariffs imposed by the United States during Donald Trump’s first term as president. The US tariffs were prompted by fears among Washington and its allies that unfair industrial policies in China have led to a global reliance on cheap exports and that they threaten to undermine local producers.
Since returning to office in January, Trump has thrown the global economy into disarray with a tax offensive that has hit Chinese exports particularly hard. Trade tensions remain high between the world’s top two economies, even though China and the United States reached a temporary truce in their tariff war this month.
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