China to contest any “unfair” U.S. trade measures on steel

Beijing. February 14. Silkroadnews - China will oppose any “unfair and unreasonable” trade measures against Chinese steel companies by such countries as the United States, the analytical center of the Chinese government said, arguing that protectionism would “poison” the industry, Euronews reported.
“Certainly we will protest against unfair and unreasonable measures launched by some countries such as the U.S.A. towards Chinese steel companies. We will also study and discuss the counter-measures to try to seek a fair position for Chinese companies without any violation of W.T.O. (World Trade Organization) agreement,” the agency quoted saying by representatives of the China Metallurgical Industry Planning and Research.
The United States is the world’s largest importer of steel, buying almost 40% of the steel sold from Canada, Brazil and South Korea.
According to the U.S. Commerce Department, China was not one of the top 10 sources of steel imports in the U.S. in January-September 2017.
Exports from China, the world’s largest steel producer, to the U.S. reached 1.18 million tons last year. China produces 800 million tons every year, or about a half of the global output.
With a record high of 112.4 million tons in 2015, China’s total steel exports fell to 75.4 million tons last year.
Trump consider actions on both steel and aluminum under the rarely used “Section 232” of the 1962 U.S. trade law, which allows for restrictions to protect national security.
“Trade protection will poison the healthy development of steel industry. Only open and cooperation can expand the common benefit,” the report reads the Chinese thank-tank’s experts statement.