April 12, 2010

Trade War: China Imposes Duties on US, Russian Steel

According to a Xinhua via Reuters news report China will impose anti-dumping and countervailing duties up to 64.8% and 44.6% respectively on imports of grain-oriented silicon or electrical steel from USA and Russia. The American firms AK Steel and Allegheny Ludlum Corp., will get reduced extra duties ranging from 7.8% to 19.9% as they responded to Beijing's inquiry.

The Chinese Ministry of Commerce has not publicly announced the rulings yet. The investigation was brought by steel majors Baosteel and Wuhan Iron & Steel in June 2009 and focused in particular on incentives and subsidies given by the state of Pennsylvania.

Meanwhile China revealed today that March trade data revealed a trade deficit of over $7 billion (US dollars), China's first monthly trade deficit since May 2004....

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