Issue link: http://read.dmtmag.com/i/703077
I DA U N I V E R S A L J u l y -Au g u s t 2 0 1 6 46 the U.S. government has imposed massive tariff s on Chinese steelmakers in a bid to halt what American rivals have labeled as large-scale dumping by their Asian competitors. e Commerce Department ruling levies import taxes of up to a whopping 522 percent – a 266 percent anti-dumping duty and a 256 percent anti- subsidy duty – on imports of Chinese cold-rolled fl at steel. Cold-rolled fl at steel is typically used in car manufac- turing and sheet metal for construction. " e size of the tariff is really a surprise for China and a little abnormal," said Xiang Songzuo, chief economist at the Agricultural Bank of China. " is new U.S. tariff could create back-and- forth retaliatory taxes which will not be good for China- U.S. economic relations and the global economy." e steep tariff is narrowly focused on a specifi c type of metal, but is highly symbolic of U.S. frustration with China over its continued selling of products, like steel, at below market prices. Similar dissat- isfaction with dumping has been seen in Europe, India and Australia, where inves- tigations and similar taxes have also been levied against Chinese steel. China's Steelmakers Hit With Huge U.S. Tariff s