China asks US to correct ‘unfair’ duties’ on steel products

By: |
Beijing | Published: February 4, 2017 9:25:44 PM

China today asked the US to correct its "unfair decision" to impose high anti-dumping and countervailing duties on imports of Chinese stainless steel sheet.

The US Department of Commerce on Thursday said it had determined that imports of Chinese stainless steel sheet and strip should be subject to anti-dumping duties. (Indian Express)The US Department of Commerce on Thursday said it had determined that imports of Chinese stainless steel sheet and strip should be subject to anti-dumping duties. (Indian Express)

China today asked the US to correct its “unfair decision” to impose high anti-dumping and countervailing duties on imports of Chinese stainless steel sheet and strip amid threats by President Donald Trump to hike tariffs against Chinese goods. The US Department of Commerce on Thursday said it had determined that imports of Chinese stainless steel sheet and strip should be subject to anti-dumping duties from 63.86 per cent to 76.64 per cent and anti-subsidy duties from 75.6 per cent to 190.71 per cent.

“China is disappointed by a series of decisions by the US related to high anti-dumping and anti-subsidy duties on Chinese steel products and questions its unfair investigation methods,” said Wang Hejun, head of the trade remedy and investigation bureau of the Chinese Ministry of Commerce. The ministry in a statement said China urged the US to correct its unfair decision to impose high anti-dumping and countervailing duties on imports of Chinese stainless steel sheet and strip.

“The US has violated World Trade Organisation rules by neglecting the abundant proof offered by Chinese companies and has treated them unfairly simply because of their state-owned-enterprise status,” Wang said. The root cause for current challenges facing the steel sector is the sluggish world economy and shrinking demand, which calls for global cooperation instead of protectionism, state-run Xinhua news agency quoted Wang as saying.

You May Also Like To Watch This:

The US should abide by WTO rules and correct their unfair practices and China will take the necessary steps to protect due rights of Chinese enterprises, Wang added. Last month, China protested the US move to impose anti-dumping duties of 162.47 per cent for imports of amorphous silica fabric, 68.27 per cent for carbon and alloy steel and 493.46 per cent for ammonium sulfate from China.

The tariff hikes came as Trump during his campaign vowed that he will respond to China’s “unfair” trade tactics by raising tariffs against Chinese goods, accusing Beijing of trying to reap more benefits of over USD 400 billion exports to US.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.