China Lifts Steel Tariffs

Jason Sandefur

China lifted retaliatory tariffs on five steel products in response to the U.S. decision to drop tariffs on steel imports. The U.S. imposed tariffs of up to 30% on steel imports in March 2002, but the World Trade Organization last month ruled the tariffs were illegal. In November 2002 the Chinese government slapped temporary tariffs of up to 26% on imports of five steel products, including thin plate steel and cold-rolled stainless steel. The products accounted for 40% of China�s steel imports in 2002. Analysts expect China’s removal of the tariffs to encourage an influx of steel imports that could pressure domestic prices to drop. �2004 FastenerNews.com