China and the U.S. Dispute Over the New Steel Duties
The last few weeks, the U.S. announced plans to levy steep steel duties on companies accused of “dumping” their product, especially China.
In late May, the Department of Commerce put forth new duties on corrosion-resistant steel for five countries producers with China facing the biggest impact on these new duties, up to 400 percent.
These duties were based on evidence of dumping (selling product at lower than market value) and countervailing duties (government subsidies provided to manufactures to provide trade advantages over countries.)
Quickly responding, China accused the U.S. of “deliberately suppressing” its imports. With that response they are going to take action.
In 2014 there were arguments involving the World Trade Organization and China’s steel duties prior to the new accusations. With that situation there was a split decision between siding on some points with China and others for the U.S.
On Monday, the steel matter was brought into the annual U.S.-China talks. Jacob Lew of the U.S. Treasury accused China’s government of propping up excess production facilities, distorting supply and demand. With those accusations, China claims they have already cut capacity and continue to do so.
Last Month, India has also imposed duties on China on accusations of dumping as well.
Trying to Ban Chinese Imports
In April, a complaint was made by Pittsburgh-based U.S. Steel, claiming violations made by Chinese manufactures in relation to trade secrets, false designation of origin and unfair competition.
Requesting through Section 337 investigation issued by the ITC, U.S. is looking for “a general exclusion order, a limited exclusion order, and cease and desist orders” basically banning Chinese steel from the U.S. market.
There is a lot of support coming from these complaints from U.S. elected officials, industry organizations, organized labor and companies in industries related such as transport and pipeline construction.
The Wall Street Journal posted a comment from John Ferriola, C.E.O. of Charlotte-based giant Nucor Corporation that he’d like to see China taking concrete steps to reduce its steel making capacity and level the playing field.
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