US slaps 266 per cent tariff on cheap China steel dumping
The UK’s steel sector has come under renewed pressure from cheap Chinese imports after the US ramped up tariffs.
The US Department of Commerce has slapped tariffs of 266 per cent on Chinese cold rolled coil steel, compared with a tariff of between 13.8 per cent and 16 per cent in the EU. The industry has been calling on the European Union to abolish rules that prevent higher tariffs being placed on imports in recent weeks.
“The US is showing the way in which to deal with under-priced, unfairly traded and state supported imports from China. It is acting decisively, swiftly and at a level that stops China dumping steel with impunity,” said Gareth Stace, director of UK Steel.
UK business secretary Sajid Javid said the government has done “everything that is possible”.
The steel sector in Europe has been in crisis since last year, when China increased steel exports due to weaker domestic demand.