EU slaps China with new steel anti-dumping duties

AFP
Greek Finance Minister Euclid Tsakalotos and European Economic and Financial Affairs Commissioner Pierre Moscovici (R) attend a European Union finance ministers meeting in Brussels, Belgium, on Friday. (Reuters)

BRUSSELS: The EU slapped definitive anti-dumping duties on steel products from China and Taiwan on Friday, as it broadens its campaign to protect struggling steel manufacturers in Europe.
The measure is part of an EU push against China, which makes more than half the world’s steel, for allegedly flooding global markets in violation of international trade agreements.
It comes as protectionist US President Donald Trump promises to crack down on China’s dominance of world trade, prompting a vigorous defense of globalization by Chinese President Xi Jinping at the World Economic Forum (WEF) in Davos last week.
“The European Commission’s investigation confirmed that Chinese and Taiwanese stainless steel tube and pipe butt-welding fittings had been sold in Europe at dumped prices,” the EU’s executive arm said in a statement.
The targeted products are used to join steel pipes and tubes, and are commonly used in industries such as food processing and shipbuilding as well as energy and construction.
The EU has had a series of trade disputes with China but is also seeking to resolve the stand-off over steel with Beijing through the Organization for Economic Cooperation and Development (OECD).
Brussels now has more than 100 trade defense measures in place, 39 of them targeting unfair imports of steel products of which 15 are Chinese.