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Last updated at: (Beijing Time) Thursday, March 07, 2002

China Rebukes US for Its Decision to Raise Tariffs on Steel Imports

China Wednesday showed strong displeasure to the US decision to raise tariffs on steel imports, saying the decision does not conform to the rules of the World Trade Organization (WTO). The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) stated that China reserves the right to appeal to the WTO.


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US decision does not conform to WTO rules
China Wednesday showed strong displeasure to the US decision to raise tariffs on steel imports, saying the decision does not conform to the rules of the World Trade Organization (WTO).

The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) stated here that China reserves the right to appeal to the WTO.

The US decision will cause a negative impact on normal steel exports by Chinese steel manufacturers to the US and will bring great losses to these companies, MOFTEC said.

China poses no threat to US side
The Chinese side explicitly pointed out at an early stage in the decision making that the problems US steel manufacturers are facing do not stem from steel imports and the small quantity of steel imports from China pose no threat to US steel manufacturers nor do they harm them.

Early Wednesday morning (Beijing Time), US President George W. Bush issued a three-year package plan which imposed tariff quota limits and slapped hefty tariffs of up to 30 percent on a range of steel imports.

Apart from China, the decision affects a number of other steel exporters including the European Union, Japan, Korea, Russia, Ukraine and Brazil.



Bush Risks Trade War Over Steel Tariff
The United States was at loggerheads with its key war allies Tuesday after imposing tariffs of up to 30 per cent on steel imports, threatening a damaging trade dispute.

The Bush Administration said that it was justified in acting to protect the ailing US steel industry. Thirty-one American steel firms have gone bankrupt in the past four years. The industry blames the decline on the unchecked influx of cheap foreign steel.

European Union leaders vowed swift retaliation and gave warning that the global economy would suffer. Romano Prodi, President of the European Commission, told President Bush before the announcement Tuesday that steps would have to be taken in response. Full Story




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