U.S. tariffs will hold limited effect on China's steel industry

2024-05-17 Editor : Li Yan ECNS App Download

The recent decision by the United States to impose additional tariffs on certain Chinese products, including steel, is unlikely to significantly impact the relevant industries in China, said the trade body China Iron and Steel Association on Thursday.

The association said China's exports of steel products to the U.S. account for a very small proportion, and the amount of steel imported by the U.S. from China is also very small in relation to its total steel imports.

It said the impact of the U.S. imposing additional tariffs on the Chinese steel industry is limited. Despite the multiple tariffs imposed by the U.S. government, continuing to import Chinese steel products is a market behavior of downstream industries in the U.S. based on their own needs.

The remarks came after the U.S. government decided on Tuesday to impose additional tariffs on its imports of Chinese products like electric vehicles, lithium-ion batteries, solar cells, critical minerals, semiconductors, steel, aluminum, port cranes and personal protective equipment, on top of existing tariffs under the Section 301 of the U.S. Trade Act of 1974.

CISA said the World Trade Organization has long ruled that the Section 301 tariffs violated WTO rules. Instead of correcting this, the U.S. has further increased tariffs. The non-market behavior of the U.S. has distorted the global steel trade order, which is detrimental to the healthy development of the global steel industry.

The association said that the Chinese steel industry urges the U.S. government to abandon the politicization of steel trade issues and engage in cooperation that is truly beneficial to industrial development on a global scale.

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