China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1356)	11/11/2003 12:49:49 PM
From: RealMuLan	Read Replies (1) of 6370

Chinese steel makers applaud WTO ruling November 11, 2003 By AFP Shanghai - China, the world's number one steel maker, Tuesday applauded a World Trade Organization (WTO) ruling that US steel tariffs violated global trade rules. "The WTO should come out with such a ruling with regard to US tariffs. I agree with it," said Yang Yi, vice director of Import and Exports for the China Iron and Steel Industry Association. "The increasing tariffs a year ago helped the US a lot and they should be changed." The US measures were a blow to China, the world's top steel maker for the past seven years, even as production at home leapt more than 20 percent. Demand for steel in China has boomed on the back of the country's exploding auto and real estate sectors, key mainstays of the economy, as imports to the US in the first nine months of the year slipped 15 percent. At the same time Chinese steel makers have been under increasing competition as a result of lower import tariffs and the removal of quotas after China's entry into the World Trade Organization (WTO) in December 2001. President George W. Bush imposed the tariffs under the controversial section 201 of US trade law, which does not require "dumping" at unfair prices or with unfair subsidies but evidence that an industry is hurt by foreign competition. He argued temporary tariffs of up to 30 percent on most foreign steel were necessary to protect ailing US steel mills and their workers. busrep.co.za

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