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Us Raise Steel Tax 522%

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US slaps China steel imports with five-fold tax increase

The US has raised its import duties on Chinese steelmakers by more than five-fold after accusing them of selling their products below market prices. The taxes specifically apply to Chinese-made cold-rolled flat steel, which is used in car manufacturing, shipping containers and construction. The US Commerce Department ruling comes amid heightened trade tensions between the two sides over several products, including chicken parts. US and European steel producers claim China is distorting the global market and undercutting them by dumping its excess supply abroad.

It is an election year, and US presidential candidates have been ramping up the rhetoric on what they say are unfair trade practices by China. The US steel industry claims that around 12,000 workers have been laid off in the past year because of unfair Chinese competition. China claims the weak economy is more responsible for the industry's problems.

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Does it also apply to imported finished goods made from the aformentioned steel, probably not. I think I'm right in saying that most shipping containers as given in the example are actually manufactured in china.

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