BUSINESS

China's concern over EU's steel tariffs

BEIJING MARCH 29. China, world's leading steel producer, has expressed deep concern about the European Union's launching of temporary safeguard tariffs on steel products, media reports said today.

The Chinese Government's concern was conveyed by the Minister of Foreign Trade and Economic Cooperation, Shi Guangsheng, in a letter to Pascal Lamy, trade member of European Commission. The EU on Wednesday, decided to start a six-month temporary safeguard measure over steel imports. According to the decision, starting from early April, the EU will put tariff quota limitations on 15 kinds of steel imports, and levy safeguard tariffs of up to 14.9 per cent to 26 per cent on those exceeding the quotas.

Mr. Shi said EU safeguard tariffs would severely affect China's steel exports to the EU, and severely damage the country's enterprises. The Chinese Government would hold consultations with the EU in a bid to find a solution, Mr. Shi said. Recently, China filed a compliant with the World Trade Organisation against a steep import tariff on steel levied by the U.S.

— PTI

Recommended for you