China opposes steel anti-dumping investigation by U.S.

Record ID: 103001

  • Title: China opposes steel anti-dumping investigation by U.S.
  • Date: 18th May 2016
  • Summary: BEIJING, CHINA (MAY 18, 2016) (REUTERS) CHINESE FOREIGN MINISTRY SPOKESMAN HONG LEI WALKING IN FOR REGULAR BRIEFING MEDIA SEATED (SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESMAN, HONG LEI, SAYING: "The existing trade disputes between China and the U.S. should be resolved by dialogue and negotiation. We oppose the U.S. taking rash measures like anti-dumping sanctions, which is not beneficial for the healthy and sustainable development of the two countries' economic and trade cooperation." BRIEFING IN PROGRESS EXTERIOR OF CHINESE FOREIGN MINISTRY CHINESE NATIONAL FLAG FLYING
  • Embargoed: 2nd June 2016 12:00
  • Keywords: steel China U.S. investigation anti-dumping
  • Location: BEIJING, CHINA
  • City: BEIJING, CHINA
  • Country: China
  • Topics: Commodities Markets,Economic Events
  • Reuters ID: LVA0014IC47T9
  • Aspect Ratio: 16:9
  • Story Text: China on Wednesday (May 18) expressed it opposition to the United States' move to impose punitive import duties on Chinese steel products.
    The United States on Tuesday (May 17) said it would impose duties of more than 500 percent on Chinese cold-rolled flat steel, which is widely used for cars body panels, appliances and construction.
    The U.S. Commerce Department said the new duties effectively will increase by more than five-fold the import prices on Chinese-made steel products, which totalled $272.3 million in 2015. It found that products were being sold in the U.S. market below cost and with unfair subsidies.
    China's commerce ministry expressed its "strong dissatisfaction" with the ruling and said the United States should rectify its mistakes as soon as possible.
    China's foreign ministry followed suit. "The existing trade disputes between China and the U.S. should be resolved by dialogue and negotiation," said spokesman Hong Lei during a regular briefing in Beijing. "We oppose the U.S. taking rash measures like anti-dumping sanctions, which is not beneficial for the healthy and sustainable development of the two countries' economic and trade cooperation."
    A world-wide steel glut has become a major trade irritant, with China under fire from global rivals who say it is dumping cheap exports after a slowdown in demand at home.
    China, by far the world's largest steel producer, plans to eliminate 100-150 million tonnes of annual production - more than U.S. produces per year - over the next five years.
    The Group of Seven rich nations plans to address the steel glut when it meets in Japan later this month, in a move seen likely to add to pressure on China.
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