(Sidney Leng – South China Morning Post)
China will scrap export duties on some steel products in the new year, the country’s finance ministry said in a statement on Friday, a move that is likely to worsen Beijing’s trade disputes with the United States and the European Union.
Both the Americans and Europeans have accused China of dumping excess steel products on their markets and the US recently slapped tariffs of up to 265 per cent on steel imports from Vietnam that were sourced from Chinese materials.
This week at the ministerial meeting of the World Trade Organisation, the US, EU and Japan signed a joint statement to pressure China to address overcapacity and forced technology transfer. Click here to read more.