Economy
EU Wields Trade Laws Against Chinese Imports
Written by Tim Triplett
August 12, 2017
Like in the United States, steelmakers in the European Union are using their trade laws to fight back against steel imports that are unfairly subsidized by the governments in China and other countries. On Aug. 9, the European Union imposed provisional import duties of up to 28.5 percent on certain Chinese corrosion-resistant steels.
The eight-month investigation was triggered by a complaint from Eurofer, the European steel trade association, whose members include ArcelorMittal, ThyssenKrupp and Tata Steel Europe.
Jefferies, the investment bank, estimates that Chinese imports of coated, corrosion-resistant steel into the EU have surged 45 percent this year and make up 51 percent of total EU imports of the product. EU regulators found that antidumping duties were needed to help producers in at least 15 EU countries raise prices and return to profitable operations.
The EU import duties, ranging from 17.2 percent to 28.5 percent, will affect Hesteel Group, Shougang Group, Shagang Group and several other companies.
The ruling on corrosion resistant steel imports follows closely the European Commission’s June 9 decision to impose countervailing duties of up to 35.9 percent on certain hot-rolled steel imports from China.
Since March 2016, the EU has put 12 antidumping measures in place, most of them on Chinese products.
Last May, the U.S. Department of Commerce imposed antidumping and countervailing duty rates in excess of 200 percent on certain Chinese corrosion-resistant products.
Tim Triplett
Read more from Tim TriplettLatest in Economy
Rising US construction spending levels off in March
Construction spending in the US in March was basically steady from the previous month but showed notable year-on-year (y/y) growth.
ISM: Manufacturing sector contracted in April
The Index had briefly showed expansion in March, but has indicated a contracting manufacturing sector for 17 of the last 18 months.
Chicago Business Barometer falls to 16-month low
The Chicago Business Barometer slipped further in April, now at the lowest measure recorded since November 2022.
Leading nonres indicator falls to more than three-year low
An important economic indicator for the nonresidential construction industry declined in March to its lowest point in more than three years.
Fed Beige Book: Economy improves, but manufacturing weak
While general economic conditions across the US improved slightly over the last six weeks, activity in the manufacturing sector was weak, according to the Fed’s latest Beige Book report.