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Tuesday, June 28, 2016, 17:35

China protests US protectionism in steel

By Agencies

BEIJING - The United States should be more prudent in using trade remedy measures in the steel sector, as it hurts the interests of companies in both the United States and other countries, China's Ministry of Commerce (MOC) said on Tuesday.

On Friday, the US International Trade Commission ruled that its domestic industry was "materially injured" by imports of corrosion-resistant steel products from China, India, Italy and the Republic of Korea.

In a determination last month, the US Commerce Department set an anti-dumping duty rate of 209.97 percent and countervailing duty rates at at least 39.05 percent for products from China.

Friday's final ruling was the second made by the US trade authority against imports of Chinese steel last week. On Wednesday, The United States decided to impose anti-dumping and countervailing duties on cold-rolled steel flat products from China.

High duties will drive the two kinds of Chinese products out of the US market and hurt the interests of Chinese exporters, who have voiced their discontent, the MOC said in a statement.

"China's steel industry export interests will suffer a serious impact and the Chinese steel industry is strongly opposed to this," the ministry said in a statement posted to its website.

"With regard to the United States' mistaken methods that violate WTO rules, China is and will continue to take all measures, including filing suit at the WTO, to strive for fair treatment for enterprises and safeguard their export interests," it said.

In the long haul, the US protectionist measures will also make its own steel industry less competitive, and thus may hurt its economy, the statement warned.

The current difficulties being experienced in the steel industry around the world are the result of the global financial crisis, and resorting to frequent protectionist measures will not help resolve the issue, according to the MOC.

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