China condemns EU for new steel anti-dumping duties

TIL Desk/World/Beijing/ China has condemned the European Commission for imposing new anti-dumping duties on its steel products, accusing the EU’s executive of making China an industrial scapegoat.

The 28-nation bloc said yesterday that it would levy duties of up to 35.9 per cent on Chinese hot-rolled flat steel in an attempt to create a level playing field with China as it broadens its campaign to protect Europe’s struggling steel manufacturers. The EU alleged China, which makes more than half the world’s steel, has flooded global markets in violation of international trade agreements.

According to the EC, Chinese producers benefit from preferential lending, tax rebates and other financial help that allow exports to the EU at artificially-low prices. But China said the bloc’s action stemmed from a misunderstanding of China’s financial loan system and trade trends.