ITC Announces New Duties On Steel While Efforts To Keep China From Attaining Market Economy Status Continue
The U.S. International Trade Commission last week announced that it will impose duties on imports of cold-rolled steel flat products from China and Japan. The duties, which will total 522 percent for Chinese products and 71.35 percent or Japanese products, will take effect after the U.S. Department of Commerce Department finalizes them in the coming weeks.
Three Chinese companies—Angang Group Hong Kong Holdings Ltd, Benxi Iron and Steel (Group) Special Steel Co Ltd, and Qian’an Golden Point Trading Co Ltd.—will be affected by the duties. Japanese producers Nippon Steel & Sumitomo Metal Corp. and JFE Steel Corp. will also be affected. Click here to learn more.
In related news, according to Politico’s “Morning Trade,” last week Sen. Ben Sasse (R-NE) and Sen. Al Franken (D-MN) introduced a bipartisan amendment to give Congress authority to define China's economy as market-based or non-market-based, a responsibility that currently lies with the executive branch. China’s “non-market economy” designation, established when it joined the World Trade Organization in 2001, makes it easier for the United States to adopt tariffs and anti-dumping measures when China engages in unfair trading practices. That status is set to expire in December, but, as Politico explains, the senators’ amendment would ensure Congress has the authority to determine China’s fate by making it impossible for the Commerce Department to use taxpayer resources to unilaterally grant market economy status to China.