China imposes duties on steel products

In an effort to trim its trade surplus, China has imposed new duties on steel and metal products. The move is aimed to encourage "balanced trade" and is one of several new policies introduced ahead of economic talks with the US, the Finance Ministry said. China's huge trade surplus will be an overarching topic during the Strategic Economic Dialogue in Washington this week between Chinese officials and US lawmakers. Beijing plans to impose duties of 5-10% on exports of 80 types of Chinese-made steel products, the Wall Street Journal reported. The duties kick in June 1. China is the world's biggest steel producer and its rising exports have led to numerous trade frictions. The Ministry also raised export duties on some steel products and imposed a new tax of 10% on exports of refined lead and rare-earth minerals while changing tax policies for imported components and raw materials to boost imports.