EU moves to strengthen China steel tariffs

Brussels is taking fresh steps to unblock resistance in EU member states to higher US-style duties on steel allegedly dumped in European markets by China, the Financial Times reports. The attempt to revive a long-delayed plan to toughen EU penalties on dumped steel comes as a deadline approaches for China to be treated as a market economy in trade disputes under World Trade Organisation rules – a prime political goal for Beijing. The issue presents a political challenge for Cecilia Malmstrom, EU trade commissioner, who is trying to reconcile complaints that surging Chinese imports are to blame for collapsing steel prices with that a sharp rise in duties would be too protectionist. In 2015, the EU imposed a 21% duty, while the US imposed 266% tariffs on some steel products.