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US lifting import duties on Chinese steel up 500%
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The major US steel companies have recently signed the petition submitted to the International Trade Commission, accusing China is manipulating the global steel market by dumping products and proposals to ban imports all China's steel products. Against this backdrop, on 18/5, US Department of Commerce has raised import duties on Chinese steel up 500%.
The new tax will be applied to cold rolled steel products used in automotive manufacturing, shipbuilding and construction.
From more than a month back, seething Europe and America because of cheap Chinese steel. The cheap Chinese steel being imported in large quantities in many markets has led some major corporations in the world steel production went bankrupt. These companies do not go bankrupt luck must also shrink the size of production leaving thousands of workers jobless.
In the last year, total imports rolled coil from China to the US reached US $ 272 million.
According to statistics of the US steel industry, 12,000 workers it had fired in the last year due to unfair competition from China.
Before porcelain steel presses from China, many national governments have been forced to increase pressure on China to join hands to tackle the Chinese steel market invaded these countries.
VLXD.org (TH)
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18/8/2025
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