In response to a decision taken in March by the US to impose import duties on steel, China is itself imposing temporary tariffs of 7-26 per cent on nine steel product imports. The move followed pressure from domestic steel companies, which claim substantial losses resulting from the US action.
The tariffs will be effective for 180 days from May 24, according to Bloomberg. Developing countries and regions that account for less than 3 per cent of China’s steel imports will be excluded from the tariffs. Japan and South Korea, both significant exporters to China, said they would work together to seek the reduction or withdrawal of the duties.
Earlier in May, China notified the WTO of its intention to impose 24 per cent tariffs on some imports of waste paper, bean oil and electric compressors from the US. These are conditional on the WTO ruling that the US steel tariffs violate trade rules.