EU imposes new anti-dumping duties on steel products from China
The European Commission that has a series of standoffs with China over trade has found that Chinese businessmen benefit from various practices that allow them to sell their steel products at very low rates thereby swamping the markets with them.
To broaden its campaign to protect struggling steel manufacturers in Europe, the European Union (EU) in June 2017 imposed new anti-dumping duties on steel products from China, one of the world’s largest steel makers.
EU Trade Commissioner Cecilia Malmstroem said in Brussels that it imposed duties of up to 35.9 per cent on Chinese hot-rolled flat steel used in shipbuilding, gas containers, pressure vessels, tubes and energy pipelines.
He also said that the EU took the latest action against China for allegedly flooding global markets in violation of international trade agreements. According to the European Commission (EC), Chinese producers benefit from preferential lending, tax rebates and other financial help that allow exports to the EU at artificially-low prices.
In January 2017, the Commission had slapped anti-dumping duties on stainless steel tube and pipe butt-welding fittings, which are used to join steel pipes and tubes.
China has condemned the European Commission for imposing new anti-dumping duties on its steel products, accusing the EU's executive of making China an industrial scapegoat. It also said that the bloc’s action stemmed from a misunderstanding of China’s financial loan system and trade trends.