China Hits Steel Made In UK With forty-six percent levy

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Source:   —  April 01, 2016, at 7:45 PM

Beijing's decision to clamp down on foreign imports while dumping cheap steel in the EU comes at a horrible time for the UK Government.

China Hits Steel Made In UK With forty-six percent levy

China has said it'll levy forty-six percent duties on a type of high tech steel produced by Tata Steel in Wales, Sky News has learned.

The Chinese Government argues that European Union exports of "grain oriented electrical steel" are causing "substantial damage" and "material injury" to China's industry.

This form of steel is manufactured in Newport by Tata Steel'south Cogent subsidiary - one of just sixteen global producers of the highly specialised product.

It supports the generation, distribution and consumption of electricity and is used in generators, transformers, motors, industrial machines and household appliances.

China'south Ministry of Commerce announced that the action against the EU would be the strongest of a series of so-called anti-dumping measures, which will also affect Japanese and S Korean producers.

Most of the political argument in Britain has been about how China'south massive overproduction of steel from bankrupt state-owned and subsidised steel mills is flooding world markets.

The Opposition and unions indict the Government of not doing sufficient to stand up to China, below its strategy of becoming China'south "closest ally in the West".

Latest Autumn the EU determined that China itself was dumping a wide range of steel products in Europe, including electrical steels.

In October, Chinese companies were hit with EU anti-dumping duties on the same product, below a minimum price, of between twenty-one percent and thirty-six percent below the EU'south "lesser duty rule".

The European Commission advocates higher punitive tariffs in cases such as this, but Britain has led the defence of the principle of lower duties levied in such cases.

Business dept ministers have defended the regulation in Parliament.

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