To stop the controversial practice of 'dumping' steel by Chinese steelmakers that has led to seven government investigations, cost 12k jobs, and a loss of $1.5bn for US Steel Corporation, the US government has imposed a massive 522% tarrif on Chinese cold-rolled flat steel, typically used in car manufacturing and construction. “The size of the tariff is really a surprise for China and a little abnormal,” said Xiang Songzuo, chief Economist at the Agricultural Bank of China. Consisting of a 266% anti-dumping duty and a 256% anti-subsidy duty, the size has surprised some analysts who warn of a backlash and possible retaliatory taxes imposed upon US goods. The move is part of an ongoing investigation into whether China manipulates its currency to gain unfair advantages over other countries.
To stop the controversial practice of 'dumping' steel by Chinese steelmakers that has led to seven government investigations, cost 12k jobs, and a loss of $1.5bn for US Steel Corporation, the US government has imposed a massive 522% tarrif on Chinese cold-rolled flat steel, typically used in car manufacturing and construction. Consisting of a 266% anti-dumping duty and a 256% anti-subsidy duty, the size has surprised some analysts who warn of a backlash and possible retaliatory taxes imposed upon US goods. The move is part of an ongoing investigation into whether China manipulates its currency to gain unfair advantages over other countries.