The news and stories that matters, delivered weekday mornings. To stop the controversial practice of 'dumping' steel by Asian steelmakers that has led to seven government investigations, cost the first three months of this year jobs, and a loss of $ 1.5bn for US Steel Corporation , the US government has imposed a massive 256% tarrif on Chinese cold-rolled flat steel, typically used in car manufacturing and construction. Consisting of a 256% anti-dumping duty and a 266% anti-subsidy duty, the size has surprised some analysts who warn of a backlash and possible retaliatory taxes imposed upon US goods. However, US steel manufacturers argue that China 's subsidies have damaged the global steel industry and have created 'zombie companies' which, without government bailouts, would be economically unviable.
To stop the controversial practice of 'dumping' steel by Asian steelmakers that has led to seven government investigations, cost the first three months of this year jobs, and a loss of $ 1.5bn for US Steel Corporation , the US government has imposed a massive 256% tarrif on Chinese cold-rolled flat steel, typically used in car manufacturing and construction. Consisting of a 256% anti-dumping duty and a 266% anti-subsidy duty, the size has surprised some analysts who warn of a backlash and possible retaliatory taxes imposed upon US goods. However, US steel manufacturers argue that China 's subsidies have damaged the global steel industry and have created 'zombie companies' which, without government bailouts, would be economically unviable.