The increase in import tariffs on Chinese material by US authorities has prompted reaction from around the world, especially in China and even in Korea (see related article). The steel sector in the UK has been arguably one of the most heavily affected by collateral damage from the increase in low-priced Chinese steel imports, Kallanish notes.

The EU has imposed provisional tariffs on China of 16% for cold rolled steel, trade association UK Steel says in a statement sent to Kallanish. The United States previously had 266% tariffs and has now raised this to 522% for cold rolled steel in response to China’s refusal to co-operate with anti-dumping investigations, it adds.

Gareth Stace, director of UK Steel, contends that the increase in steel import tariffs by the US has been both rapid and appropriate. “The United States has quickly identified the problem with China dumping steel and imposed effective and robust trade barriers. The EU has been slower and the result is we’re still haggling over tariffs and action to prevent unfairly traded Chinese steel. Britain and the EU need to stop treading on egg shells and take decisive action following America’s impressive lead,” he says.

“China has promised to work to tackle global oversupply but, instead, continues to dump cheap steel on the world market. If any demonstration were needed that China isn’t accepting its responsibility to work with the rest of the world steel industry to address this problem then this is it,” Stace maintains.